Retail Remuneration Review – Issues Paper
The Consumer Action Law Centre (Consumer Action), is pleased to provide a submission in response to the Retail Remuneration Review Issues Paper (Issues Paper).
As stated in our joint response to the Terms of Reference, we believe product sales commissions and product based payments inevitably distort banking sales-staff behaviour, elevating the sales imperative above considerations of consumer well-being. This can generate very poor consumer outcomes often occasioning significant financial harm. The frequency and extent of this harm is such that the role of commissions and product based payments, (indeed the whole sales-based culture of banking), should be fundamentally reconsidered.
Read the full submission here [PDF]
170212 - Consumer Action Submission - Sedgwick Review Issues Paper FINAL