From the rampantly bank campaigning AFR:
The banking industry will launch a sweeping review of commissions paid to sales staff and has committed to improving protection for whistleblowers, as lenders respond to intense political pressure over misconduct by staff and fend off ongoing calls for a banking royal commission.
The Australian Bankers’ Association on Thursday morning announced a review of conflicted payments to staff, including commissions for selling certain financial products. It said these payments would be scrapped or changed where it led to poor outcomes for customers.
Banks say they will also work with regulators to “ensure the highest standards of whistleblower protections by ensuring there is a robust and trusted framework for escalating concerns”.
Not satisfied with their rubber stamp, Chanticleer piles in with his endorsement:
It would be easy to dismiss the latest move by Australia’s banks to remove incentives for bad behaviour and improve customer service as a public relations exercise that will have no lasting impact.
But the four main measures for lifting accountability and restoring trust in banks put forward by the Australian Bankers’ Association on Thursday should finally deal with the most common complaint made by disgruntled customers: they feel powerless and without a voice.
If the ABA proposals gain the approval of the Australian Competition and Consumer Commission each bank will have an “independent customer advocate” with the power to take complaints directly to the chief executive.
Yes, it is easy to dismiss. Royal Commission and new laws, thanks.
