The Finance Sector Union has slammed a plan to "embed" financial regulatory agency officers inside the Big Four banks and the financial management giant AMP. The FSU says that officers from the Australian Securities and Investments Commission (ASIC), which has been criticised for being “too close to the banks”, would be unable to penetrate the unethical internal culture of the banks.
Finance Sector Union
The humiliating about-face forced on Prime Minister Malcolm Turnbull when he announced a royal commission into the banking and financial sectors on November 30 could be the beginning of the end for the Coalition government.
Finance industry workers are facing increasing pressure as banks seek to maximise their already hefty profits. Our jobs are becoming increasingly precarious, and all the while our wages and conditions are being threatened with cuts.
These days, if you walk into a bank, you’ll find very few staff and a lot of ATMs, which not only give cash but do almost everything a teller can do. You will also find a concierge, whose job is to shift customers to self-service via online banking. Tellers have performance targets for shifting customers online.
How would you feel if you were one of the 6000 workers at National Australia Bank (NAB) who will be made redundant in order to cut costs?
You might have a family with small children, struggling to pay for the weekly groceries and bills, on top of the monthly rental or mortgage payments that you can barely afford.
It is amazing how innovative companies can be when it comes to finding more ways to exploit people.
Take for example the adoption of “agile” methods and processes in the workplace. Large corporations, in particular, have been the champions of agile practices as the basis for their corporate transformations.
National secretary of the Finance Sector Union Julia Angrisano gave this speech at the CFMEU’s National Day of Action to Stop the Attacks on Workers on June 20. It was an inspiring speech that raiased some key issues affecting bank workers today.
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What is it with ex-state premiers and the finance industry?
First, Anna Bligh took on the leadership of the Australian Bankers Association (ABA), then Mike Baird moved to NAB in a senior executive role, and now Nathan Rees has become the national assistant secretary of the Finance Sector Union.