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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: FSU Leon Carter is alarmed at Bad Bank Employer CBA pressure placed on employees - here is why

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Last night's ABC Four Corners program Banking Bad shone a light on the pressure cooker working environment driven by the sales and targets-driven culture in the Australian finance sector.

It is a culture that pits workers against one another and creates incredible stress for the people who work in the industry. It is a culture that puts the interests of most finance workers and customers last.

Most finance workers genuinely care about providing excellent and professional service to customers and providing advice and products that are in their best interests. Finance workers want to work in an industry that they can be proud of.

They want to be able to earn enough to live a decent life and stay out of financial distress, without working hours and hours of unpaid overtime or missing out on time with family and friends because they're working back to make another sale.

They want to be able to do their job without the constant threat of losing that job if they don't follow the script to the letter or aren't aggressive enough in pushing yet another product on the nice old lady who comes in to the branch every Thursday.

It is the conflicted and insecure pay systems imposed by finance sector employers that are the root cause of the cases like those identified in the Four Corners report.

The FSU campaigned for Future of Financial Advice (FoFA) reforms to stop these behaviours - reforms that employers in our industry fought against and continue to fight against.

Employers in our industry should guarantee that frontline staff are never forced to choose between meeting a sales target and acting in a customer's best interests.

Our finance sector has the capacity and the profitability to pay decent wages and move away from pay models that don't benefit workers or the customers they serve.

Employers can and should provide secure pay to all finance workers and recognise their professionalism and the value of the work they do.

The Australian finance sector can be much better than this. Let's work together and make it happen.

CBA tellers raise concerns about a statement aired by Four Corners

I would like to let our CBA members know that the union has written to Four Corners (http://www.fsunion.org.au/ABC-Four-Corners-Banking-Bad.aspx )this morning to make the point that the union is not aware of any instance where a teller gets a $400 bonus for a single referral to a financial planner. I have asked the program producer to publish a statement on their website that clarifies the information that was broadcast about commissions paid to tellers and corrects any errors.


Leon Carter
FSU National Secretary

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  • doyla66
    doyla66 Thursday, 08 May 2014

    The more exposure re what has going on within the finance industry the higher the stench. I know ANZ have had a spot and refer referral program for brokers since 2005 and brokers are paid a commission just for referring names to a branch who then do all the follow-up. Had I know about that program I would have run a mile when approached by one of them as I was in 2006 yet I did not discover anything re that rort until way too late and suckered in. I also personally know somebody who works in the IT department of a certain bank who have along with co-workers lodged a complaint with the FSU for being forced to hire 457 visa holders rather than employ local more experienced australians for the company state salaries to hire australians are too high. Even worse the 457 visa holders are new graduates, not adequately experienced to do the job and more of a hindrance than help on a very major task with a deadline. The icing on the corruption cupcake is that the 457 visa holders are being paid $200 per day AND $800 per day is paid to the "company" for hiring them and I got that straight from the horses mouth. I also personally know somebody who worked in a branch at NAB yet quit in disgust as more and more pressure was imposed to do exactly what has been revealed in the ABC story on CBA and personally know a few Westpac customers who had the same thing happen with their investment funds as what has been exposed with CBA by Adele Ferguson on the ABC story. All banks are rife with corruption and it's high time all is fully exposed and the crims at the top are sent to jail for 150 years as happened with Bernie Madoff.

  • doyla66
    doyla66 Saturday, 10 May 2014

    Good to see the FSU getting involved. I often wonder how the staff are faring after reading the Bank pressure horror stories in the FSUs submission to the 2012 Senate Inquiry.
    NAB tellers are still trying to sell mortgages and anything else they can to customers. My friend was asked if she'd like to refinance. She said no thanks, I'm aiming to get out of debt as soon as possible any way I can. They don't ask anymore - her reply must be on her record now. :)
    Banks and low rent lenders love the 457 visa holders. They're paid less and they're sold mortgages at 90% LVR and above. Thus they're locked into working to pay their (same) bank mortgages. They probably think they're lucky .... until they lose their jobs..... or interest rates rise so banks can bleed off as much money and property from the latest batch of victims sucked in by the low interest situation.
    I've heard from another ex-Bank employee who found out how ruthless and unforgiving her former Bank employer was when she was retired due to illness. Now she's disabled and trying to pay off the last of her mortgage, along with the usual harassment from the Bank where she used to work.
    Some Credit Corporations seem to brainwash their staff so that they sound like they're unable to see anything wrong with what the company does. While we view staff behaviour and are amazed that they could be so inhumane to fellow Australians - how could their consciences allow that? Their training is designed to override any hangups (e.g. consciences) about doing these things and they have scripts to ensure they say the right things to get the maximum results for the Bank and achieve their quotas and bonuses. Given the completely fraudulent behaviour they're trying to convince the borrower is legal they must have a problem keeping a straight face while they talk such absolutely deceptive rubbish to loan defaulters.
    I'll bet every BFCSA member has a hit list of bank and lending staff that they've submitted to the police in the hope that their tormentors are put behind bars one day soon for their crimes against humanity.

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