Finance Sector Union of Australia
FINANCE SECTOR UNION RESPONSE TO BANKING ROYAL COMMISSION REPORT-
PROFESSIONALISATION – A MISSED OPPORTUNITY
4 February 2019
The Finance Sector Union of Australia (FSU) believes that the crucial step in reforming the financial sector is to increase the professionalism of finance sector workers.
Commissioner Hayne’s report is an enormous missed opportunity. He has failed to make any substantial recommendations to improve levels of professionalisation within the sector.
FSU National Secretary Julia Angrisano said every day, finance workers are required to impart specialised knowledge to ensure the financial well-being of their customers.
“For too long this exchange has been clouded by sales targets, efficiency gains and productivity measures. Only through formal professionalisation will finance workers be able to deliver the customer outcomes that are truly best for the customer,” she said.
During the public hearings of the Royal Commission the question was posed in relation to the provision of financial advice, “What if the advice is to do nothing?”
This question is easily resolved where finance workers are supported by their employers as professionals.
Ensuring greater levels of education, and the imposition of professional obligations will provide a safety net and assure customers that they can be confident in the service and advice they are receiving.
As noted by Finance Sector Union National Secretary Julia Angrisano:
“The Commissions failure to identify the crucial role increasing staff professionalisation can have dealing with the problems in the sector is very disappointing.
“The financial services sector needs to become more professionalised and ethical. Skills and prior learning should be formally recognised by employers and those competencies need to be transferrable across the sector. It is now up to the regulators, the banks and staff to make this occur.
“The banks need to rebuild trust with the Australian community. “Fundamental to rebuilding trust with the Australian community is a demonstration from the banks that they value their staff. This starts with a commitment to develop and professionalise finance workers from the ground up.”