6 Nov 2018

First Union urges banking regulation

From Morning Report, 8:10 am on 6 November 2018

First Union says removing sales targets for bank staff is a good start - but more needs to be done to police the sector. The Financial Markets Authority and the Reserve Bank published the findings of their review into the bank sector yesterday and found staff at eleven banks were incentivised to sell customers products they didn't need. Finance Minister Grant Robertson told Morning Report that banks need to up their game if they are to avoid more regulation. Stephen Parry is First Union's finance spokesperson. He tells Susie Ferguson: "We've been talking about this issue for years & years, it's no exaggeration to say this is probably the most strongly-felt issue for our membership. Until very recently... we've been knocking on a closed door."