FSU rejects bank hiring protocol, calls for independent regulator

Yesterday, ifa reported that the ABA had created another hiring protocol for banks employees as a way to “crackdown” on misconduct within the sector.

The FSU said that under the policy, applicants for jobs in banks and financial institutions will be forced to consent to background checks to see if they had been dismissed or resigned during investigations into their conduct in previous jobs.

“We don’t believe this policy will deliver procedural fairness to job applicants and there is no consistency across the banking industry about how the policy will be applied,” said FSU national secretary Julia Angrisano.

“This policy needs to be an interim measure until an independent regulator is established. A fair, government regulated register of finance workers who have breached applicable laws is the only way to ensure that the right people are removed from the industry for the right reasons.”

Ms Angrisano added that the FSU will continue to campaign for an independent government regulator with legislative underpinning and proper rights and protections for finance workers.

“We have told the banks, the ABA and other finance sector employers that the real problems in the industry stem from the breakdown in trust and confidence because of unfair targets and cost control, not bad apples,” she said.

“Our members simply don’t trust the industry to administer such a system fairly.”