Finance Sector Union argues for whistleblower protection

Contributed from Victoria

According the Financial Sector Union (FSU), members who work in banks are under pressure from management not to whitstleblow,

fearing that disclosures might add the growing calls for an inquiry into the banks.

Pressure makes it difficult for employees to access policies, because of the risk that they will be detected and their jobs put in jeopardy. There have been instances where managers have warned not to report unethical practices.

The parliamentary joint committee into whistleblower protection start today.

The FSU submission says whistelblower laws should provide greater protections and compensation for workers, so they can report unethical behaviour that they are witness to.

It says that over the last ten years, the industry has reached further to “exploit every customer interaction as a sales opportunity” and ignore the financial interests of the customer.

“Public trust and confidence in the Australian financial sector is essential to the efficient running of the economy. Strong whistelblower laws are essential to rebuilding trust and confidence, after a long series of crisis and scandals in the sector”.

To be any use the inquiry needs to come out with practical recommendations that will answer the need.

Recognition needs to be given to the fact that as well as legal protection on paper, whistleblowers need an environment where they are not going to be subject to retribution, despite the law. There must be consequences for employers, serious enough for employers to have an incentive to not go down this path.

 

1 Comment on "Finance Sector Union argues for whistleblower protection"

  1. As the (now ex) partner of a major bank call center employee who was let go for trying to assist a customer with a genuine complaint, at the same period of time that that financial adviser from the CBA was defrauding customers to the bank’s advantage and making the CBA millions was being feted all over the world, FSU members and financial staff in general are in desperate need of protection from any kind of disciplinary measures when they disclose illegal or improper action by their employers.
    Australian customers need to know that they are being properly informed and looked after by their banks, and that the advice we are being given is ALWAYS in our best interests, not in the interests of the banks.
    The behaviours of the retail energy companies when a customer leaves compared to when we ask for advice is a perfect example, and at this point in time the banks are even worse.

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