All financial services entities should review at least once each year the design and implementation of their remuneration systems for front line staff to ensure that the design and implementation of those systems focus on not only what staff do, Read More …
Tag: staff
Remuneration
Recommendation 5.1 – Supervision of remuneration – principles, standards and guidance In conducting prudential supervision of remuneration systems, and revising its prudential standards and guidance about remuneration, APRA should give effect to the principles, standards and guidance set out in Read More …
5.3 What the case study showed
5.3.1Distribution process Superannuation is a complex financial product that, for many people, is one of their biggest assets. It is different in both character and importance from retail products like a bank account. However, ANZ’s distribution process effectively added Retail Read More …
5.2 Evidence
From 2012 until August 2018, OPC engaged ANZ to distribute the Retail Smart Choice Super product through ANZ branches.[1] The distribution process followed a ‘scripted general advice model’.[2] It was designed to ‘leverage’ a regulatory exemption that allowed branch staff, Read More …
2.3 What the case study showed
2.3.1 The MySuper transition It is to be recalled that section 29WA of the SIS Act required RSE licensees to treat any contribution to the fund in relation to which no investment direction has been given as a contribution to Read More …
3.7 Making the change in ASIC’s enforcement culture
3.7.1Internal review ASIC’s first step, which it had taken at the time it made its submissions in response to the Interim Report, has been to undertake an Internal Enforcement Review focusing particularly on ‘policies, processes and decision‑making procedures’ relevant to Read More …
1.3 Front line remuneration
Much of the evidence the Commission obtained about remuneration of front line staff related to the front line or ‘customer‑facing’ staff in banks. Much of the discussion below is framed with that context in mind. But what is said applies Read More …
Preface
This is the Final Report of the results of my inquiry, and the recommendations arising out of my inquiry, into the matters described in the Letters Patent dated 14 December 2017. It is to be read with the Interim Report Read More …