Credit reform & Better Banking issues as Aussies head to the polls

With Australians heading to the polls tomorrow, Finsec’s sister union the FSU has described Labor’s credit reforms policy as a step in the right direction. If elected, Labor plans to stop banks and credit providers from automatically increasing credit limits and put the power to nominate credit limits back in the hands of customers.

The FSU welcomed the proposals but said they would not relieve the enormous pressure on finance workers to sell credit products.

“Customers know that every time they walk into a bank they are bombarded with offers of more products. Not because the customer needs more credit. But because the bank penalises the bank worker if they don’t meet their sales targets,” said National Secretary Leon Carter.

“The Labour Government has listened to the community and sought to increase regulation in certain areas but we believe it is also critical to address the links between bank and finance workers’ remuneration and sales targets on credit products.”


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