Better Culture
Taking a close look at bank culture, and making sure doing the right thing starts at the top.
1
Good customer outcomes and sound banking practices:
We’re explaining publicly how remuneration and incentives for all executives and employees align with good outcomes for customers and sound banking practices. This will be done by December 2017.
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2
Protecting whistleblowers:
Australians working for banks play an important role in reporting any bad practices or poor conduct. That’s why banks have committed to having the highest standard of whistleblower protections, including zero tolerance of retaliation against whistleblowers.
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3
Better qualified financial advisers:
Banks are changing the way they hire financial advisers, to better identify advisers who have not met the industry’s legal and ethical standards. We’re also working with the Federal Government, financial planners and consumer groups to improve the professionalism of financial advisers. This includes higher entry and education qualifications, ongoing professional training, and mandated ethical standards.
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4
Stopping poor conduct moving around the industry:
Banks are rightly criticised when employees who do the wrong thing simply move to another bank or financial institution. Building on our efforts with financial advisers, we’re implementing new processes so banks can share more information about a potential employee’s conduct at previous jobs. This will better identify people who have broken the law, or not met the expected standards of behaviour in codes of conduct.
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5
Raising standards through the Code of Banking Practice: We're not only looking at whistleblower protections and how we pay our employees, we are improving the Code of Banking Practice following an independent review. Banks will strengthen their commitments to customers, by, for example:
- Introducing a clear and detailed commitment to fair and ethical behaviour.
- Making financial hardship support programs more accessible to customers experiencing financial difficulties.
- Addressing concerns with how banks deal with small businesses and farmers, ensuring their vital contribution to the economy is recognised and supported.