And they say that the Chinese have a problem with fakes:
Retail banking staff, including tellers, should no longer receive bonuses for simply hitting sales targets, a review of banking remuneration has found.
The Sedgwick Retail Banking Remuneration Review, commissioned by the peak body for Australia’s banks, the Australian Banking Association, has recommended changes to the way retail bank staff are rewarded.
The review, by former Australian Public Service Commissioner Stephen Sedgwick, follows a string of scandals in the banking sector linked to staff commissions including inappropriate financial advice, aggressive loan marketing tactics and insurance policy switching.
…Australian Bankers’ Association chief executive Anna Bligh said the banking industry supported the recommendations made by Mr Sedgwick and would implement them in full as quickly as possible.
“Mr Sedgwick has not only identified that remuneration arrangements need to improve, but also that it needs to happen alongside a change in culture and approach from management,” Ms Bligh said.
Advertisement“Some current practices carry an unacceptable risk of promoting behaviour that is inconsistent with the interests of customers and should be changed,” he said in the review.
“Some of these relate to management practices that may reduce the effectiveness of the bank’s risk-mitigation strategies,” he said.
“Other practices relate to the way incentives and remuneration are structured. The need for change is true of both direct (i.e. staff) and some third party channels,” he said.
The Sedgwick review recommends capping the contribution sales targets on a range of products sold by staff including personal loans, insurance and credit cards can make to a staff member’s bonus.
“Instead, eligibility to receive any personal incentive payments will be based on an assessment of that individual’s contribution across a range of measures, of which sales (if included at all) will not be the dominant component,” Mr Sedgwick said
Under the recommendations, sales targets would only make up 50 per cent of any bonus payment. This must fall to 33 per cent by 2020.
…Ms Bligh told Fairfax Media that some banks would be more affected than others by the changes.
“Each bank has their own practice at the moment and some of the recommendations will have a larger impact on some banks than others especially as some banks have already started to move down this path,” she said.
“But there are certainly indications in Mr Sedgwick’s issues paper that there are some categories of staff in some banks where 100 per cent of their variable remuneration is based on sales targets,” she added.
Ms Bligh said Mr Sedgwick had made it clear that any move on remuneration alone will fail in changing the culture of banks and there needed to be changes all the way up the line to management level.
…She said ABA would monitor the adherence of its members to the recommendations.
Lol, are you for real Anna? No, scratch that! We know you’re not real! None of this is real, though it’s easy to forget!
This is a fake inquiry governed by a fake public servant delivering fake results sold to the public by a fake premier and dutifully reported without dissenting comment by a fake media. It’s the entire process of civil society governance recreated as a privately-owned bank-serving fake.
Even more perversely, behind it all, the real government does absolutely nothing on the issues other than prop up the fake one.
This is one of the strangest counterfeits anywhere in the entire post-truth universe into which the world has tumbled and only serves to underline how vital it is that we have a real royal commission to sweep aside these greedy frauds.
