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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: Westpac scraps teller bonuses, aims to rebuild customer trust

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Westpac scraps teller bonuses

The Australian 12:00am March 8, 2019

AAP

 

Westpac has scrapped sales-related bonuses for its 2300 bank tellers as it aims to rebuild customer trust damaged during the banking royal commission.

Westpac, which removed product-related incentives for branch personnel in 2016, will remove customer satisfaction-linked bonuses from April and replace them with a $500 fixed pay increase.

“A simple fixed, pay-only model takes us a step further to reinforce the importance of putting the customer first, and providing our 2300 tellers with more clarity and fairness around how their work is remunerated,” Westpac retail chief executive George Frazis said yesterday.

Westpac says the move will give customers the assurance they are being served on their banking needs, not sales outcomes. Previous incentives were influenced by factors including branch location and product features, while the new pay increase will ensure recognition is based on individual service.

The change also affects tellers at subsidiaries St George, Bank of Melbourne and Bank SA.

Westpac and CBA will today front a parliamentary committee over their response to the royal commission.

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