Westpac needs to halt offshoring jobs: FSU

27 November 2019
| By Jassmyn |
image
image
expand image

The Finance Sector Union (FSU) has raised concerns about a Westpac proposal to offshore 16 jobs to the Philippines, amid the bank’s money laundering scandal.

The FSU national assistant secretary, Nathan Rees, said that thousands of Westpac workers performed their roles diligently, legally, and ethically every day and they were “deeply distressed by the allegations, and they are angry” that Westpac board and executive decisions were not reflective of community expectations.

“The offshoring raises serious concerns about quality of service, protection of customer data, and the obvious implications for Australian jobs. The bank has zero credibility on this issue,” Rees said.

“We are calling on Westpac to cease this proposal forthwith, and for it not to be resurrected in any way, shape or form.”

The FSU said the Westpac chair needed to intervene in the matter and halt the offshoring.

“The executive ranks of Westpac have a demonstrated inability to read the public mood, and the board is ultimately responsible for the prevailing culture and strategy in Westpac,” Rees said.

“Lindsay Maxsted must send a strong message that reputation matters more than short-term cost cutting.”

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND