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‘The banks think that no one is watching’ Lachlan Maddock 07 April 2021
A survey of staff from Australia’s largest financial institutions shows that banking culture has only festered since the excoriating experience of the royal commission.
Participants in focus groups organised by the Finance Sector Union (FSU) “overwhelmingly disagreed” that the sales-based culture of Australia’s big four banks had changed in the wake of the royal commission, with many claiming that things were worse than ever.
“That’s untrue. Certainly untrue, especially for NAB. The literal opposite of what they’re doing at the moment. We’re still pushed to get targets, behaviours and actually targets,” said one participant, responding to a statement made by Australian Banking Association (ABA) chief Anna Bligh that “the linking of remuneration and bonuses to direct sales targets has been abolished”.
ASIC sues Westpac over junk credit insurance sales tactics
Posted 2
updated 1
AprApril 2021 at 5:21am
Westpac is being taken to the Federal Court by ASIC over its sale of consumer credit insurance.
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A controversial practice where consumers are sold junk insurance when they go to take out a home loan, credit card, or even buy a plane ticket, will be scrutinised in court, following action by the corporate regulator against Westpac.
Key points:
ASIC is suing Westpac over its sale of consumer credit insurance in 2015 to almost 400 customers
The practice saw consumers sold insurance on the potential of default at the time when they signed up to credit cards