As Australia’s banking and finance industry awaits the release of the royal commission’s final report, the national secretary of the Finance Sector Union (FSU) Julia Angrisano, has called for broker and aggregators to make their voices heard.
Calling for reforms that reach “further than changes to retail banking”, Angrisano has specifically called on both brokers and aggregators to participate in shaping a robust, customer-first model for the industry.
“Finance workers need to be heard on changes in the industry,” she told Australian Broker.
“Brokers and aggregators are key parts of the eco-system and any changes to the industry cannot ignore these professionals. We are in a unique position to genuinely make changes to the industry that will have long lasting effects – brokers and aggregators need to ensure their ideas and their solutions are heard as part the changes ahead,” she added.
It’s now less than a month until the royal commission releases its final report and recommendations – the result of nine months of hearings regarding misconduct across finance, banking, insurance and superannuation.
Regardless of what the final report includes, the FSU says accountability and responsibility will be “two key aspects” that require focus in order to improve outcomes.
“Board members, executives and senior leaders from across the industry must embrace criticism and be prepared to hear different points of view from a range of stakeholders,” Angrisano said.
“The relationship between lenders, brokers and customers will continue to be examined. Questions on how brokers are paid are far from settled. Brokers deserve to have stability around their income but they have to be part of the conversation as to how this looks. Unilateral decisions about changing or removing commissions or introducing flat fees won’t fix anything,” she continued.
Looking ahead to what 2019 could bring, she added, “Last year was a massive year for finance and banking and we don’t see it slowing down in 2019. In fact, if it is possible, we see 2019 stepping it up a gear or two. With a Federal election due this year as well, there will be a lot of focus on how potential future governments will approach the implementation of the commissioner’s recommendations.”
The full interview with Angrisano, including her vision for a better banking industry in Australia, will be published in the next issue of Australian Broker.