Report reveals push for profits compromises finance sector staff


A Report commissioned by the Finance Sector Union of Australia (FSU) and completed by the Religion and Social Policy Network of the University of Divinity has found the finance sector’s concentration on profits at all costs compromises the ethical integrity of workers in the industry.

Entitled “Justice Tempered” the Report examines the impact that the internal policies of banks and finance sector companies have on the working lives of eight FSU members.

The Report argues that while the Banking Royal Commission uncovered widespread misconduct in Australia’s banking and financial services sector, it failed to fully come to terms with the cause of that misconduct.

FSU National Secretary Julia Angrisano said the Justice Tempered Report confirms what workers in the finance sector have known for a long time.

“Workers have borne the brunt of efforts to extract maximum profits with every inch of their working lives ‘measured’ by the employer,” she said.

“They are expected to sell loans to their friends, spruik their employers at children’s football games and never express a critical thought about the way their employer behaves.”

“Workers have been the ‘forgotten people’ in the fall-out from the Hayne Royal Commission.”

“While the focus has been on the unconscionable law-breaking practices and policies of the finance industry, the effects of these policies and practices continue to cause harm to frontline staff.”

Copies of the report are available here:

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