NAB faces legal hit over pay shortfall

Original article by Richard Gluyas
The Australian – Page: 13 & 19 : 26-May-21

National Australia Bank included a pre-tax provision of $128m for wage underpayments in its financial accounts for the second half of 2020. NAB’s remediation program has resulted in current and former part-time employees receiving a combined $55m in compensation to date. However, the Finance Sector Union believes that NAB’s wages underpayment bill may be much higher, given that many of the affected employees work full-time. The union is preparing to take Federal Court action on behalf of NAB’s full-time workers.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, FINANCE SECTOR UNION, FEDERAL COURT OF AUSTRALIA

CBA underpays 8000 staff after HR tech system failure

Original article by James Eyers
The Australian Financial Review – Page: 18 : 17-Apr-19

The Commonwealth Bank of Australia has advised that current and former employees have received some $4.8m in back pay to date, including interest. Problems with the bank’s human resources technology systems resulted in about 8,000 employees being underpaid. Julia Angrisano, the national secretary of the Finance Sector Union, says the bank and its Bankwest subsidiary may ultimately have to repay between $10m and $15m, although CBA believes that the final figure will be much lower. Some employees are also believed to have been paid at below-award rates.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BANKWEST, FINANCE SECTOR UNION

CommBank CEO Matt Comyn fronts banking royal commission

Original article by Alexis Carey
News.com.au – Page: Online : 20-Nov-18

Commonwealth Bank CEO Matt Comyn has told the financial services royal commission that the major bank has tended to react to misconduct rather than taking action to prevent it in the first place. Comyn also conceded that there are "inherent risks" associated with a staff bonus scheme. However, he struggled to explain why a fixed salary would not be sufficient for the majority of the bank’s employees. The royal commission’s interim report noted that variable pay can encourage a culture of misconduct in the banking sector.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, MACQUARIE GROUP LIMITED – ASX MQG, AMP LIMITED – ASX AMP, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Brokers slam ‘radical’ home loan reforms

Original article by Duncan Hughes, James Frost
The Australian Financial Review – Page: 15 & 19 : 20-Apr-17

The recommendations of a review of remuneration in Australia’s retail banking industry have been criticised by mortgage brokers. The recommendations include banning volume-based incentives and so-called soft dollar payments. Mortgage Choice and Australian Finance Group are among the mortgage broking firms that have questioned the recommendations of the review, which was undertaken by Stephen Sedgwick on behalf of the Australian Bankers’ Association.

CORPORATES
MORTGAGE CHOICE LIMITED – ASX MOC, AUSTRALIAN FINANCE GROUP LIMITED – ASX AFG, MONEYQUEST, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN PUBLIC SERVICE COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA