ACTU – Interim report shows urgent need for bank reform

28 September 2018

Banks have been routinely exploiting their own employees and customers and have been shown to be incapable of responsibly handling worker’s money, according the interim report of the Banking Royal Commission, released today.

Both customers and workers have been exploited by banks which have been given too much power and have been pursuing profit regardless of the consequences of their actions.

We need to reform the system to protect workers and customers, and to get banks out of the superannuation system, which should be not-for-profit and run by members.

Quotes attributable to ACTU Secretary Sally McManus:  

• “The treasurer has admitted that banks have put profit before customers. He, and his government, should act to get banks out of super and protect the retirement incomes of working people.
• “We need to get the banks out of super. Industry funds are non-profit, run for members and produce better returns. There is no upside to the banks for anyone other than their shareholders.
• “The banking sector needs urgent reform to ensure that customers and workers are treated properly and that the actions revealed by this commission are not allowed to continue.”

Quotes attributable to FSU National Secretary Julia Angrisano:

• “The culture within banks, led by executives focused on sales and short term profit, is fundamentally broken.  Bank workers, like the community have been victims of greedy bank Executives.  We need fundamental change to the way our banks operate.
• “Finance workers are the link between customers and the institutions where they work. It is vital that these workers are able to contribute their perspectives and experience in a genuine and meaningful manner in the ongoing reform of our industry.”