FSU to represent AMP staff
The Finance Sector Union (FSU) will represent AMP staff at today’s annual general meeting and have “some tough questions for the board” on how the firm is planning to restore its reputation after the revelations from the Royal Commission.
The FSU’s warning on its approach came amid clear indications from institutional investors that they would be opposing the company’s remuneration report. For its part, the union said it was fighting for a fairer finance industry where workers would be rewarded, not penalised, for prioritising compliance and customer service.
According to national assistant secretary, Nathan Rees, FSU workers at AMP would like to know “how errors like ‘fee for no service’ were able to continue for so long without being detected”.
“The Finance Sector Union has spent the last decade fighting against a system that preferences profit over customer interest. This culture is an anathema to community expectations and has eroded the position of trust that finance institutions hold in Australian society,” he said.
“The finance sector union has spent the last decade fighting against a system that preferences profit over customer interest. This culture is an anathema to community expectations and has eroded the position of trust that finance institutions hold in Australian society.
“The failures identified by the Royal Commission are largely attributable to a failure of culture – reflected in the prioritisation of incentive and commission-based payments over salaries, cutting staff who perform compliance and administrative functions, the undervaluing of compliance, and the focus on revenue over service.”
AUTHOR
Oksana Patron
Recommended for you
Large wealth management players are increasingly taking an opportunistic approach to their M&A deals rather than a strategic one, while a fear of missing out is driving smaller players to consider selling up.
More than $2 billion in investment activity was recorded for Australian fintech firms last year, according to KPMG, with the GDG/Lonsec acquisition proving to be a notable deal in the second half.
Praemium has stated it is seeking accretive acquisition opportunities in the area of non-custodial solutions where it believes it can further grow its dominant market share.
Iress chief executive Marcus Price has shared how he is seeing “massive tailwinds” in financial advice in Australia, with the firm turning its attention to digital advice following the completion of its transformation project.
