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ASIC says reward the good, punish the bad

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Australian Broker | 10 Jul 2015, 07:10 AM Agree 0
Australia’s financial institutions should ensure only good conduct by staff is rewarded while also penalising poor conduct according to ASIC
  • Chrys_E | 10 Jul 2015, 09:32 AM Agree 0
    I completely agree that (in a lot of cases) incentives and penalties are out. Everyone wants the rewards only. As a high level manager in an advice business I see this all the time and although we do have penalty systems in place as well as rewards all staff feel it is 'unfair' to be penalized. That being said we still do it. Positive enforcement is important however setting an example and ensuring you penalize where required is also important to the culture. Whenever the culture has taken a dive in our business it has always because people have some how flown under the radar and the penalties and rewards were out of balance.
  • Peter Heinrich | 10 Jul 2015, 06:55 PM Agree 0
    If anyone thinks Banks are easy to get loans through they obviously haven't been a broker. I have not personally seen any easing in attitudes or culture from the Banks. All the ducks need to be in a row to get the deal done. This is not always the case for the in-house lenders who seem to have greater scope to 'omit' or 'overlook' things or come up with a slightly cheaper rate than the broker. The lenders often offer incentives such as increased commissions, or waiving fees. This I think is wrong but thankfully most brokers resist when looking for the 'right' product for their client. However the lenders must be getting something out of it otherwise they wouldn't do it. A bit of a worry really.
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