Retail Banking Remuneration Review

Retail Banking Remuneration Review report Stephen Sedgwick AO 19 April 2017 | i Executive summary This is the final report of my Independent Review of product sales commissions and product based payments in Retail Banking in Australia ( Review ). Such payments are linked to the number or value of products sold, offered, or distributed to Retail and small business customers. The Review1 is intended to build on the Future of Financial Advice (FOFA) reforms and identify options for strengthening the alignment of Retail bank incentives, practices and good customer outcomes. It is also required to comment on the principles that banks might apply when structuring Remuneration more generally. I examined the arrangements that lead to incentives, commissions and bonus payments (variable reward payments) for Retail staff of banks (Tellers, Sellers and their supervisors and near managers (Managers)) as well as third parties (including Brokers, Aggregators, Franchises, Introducers and Referrers).

retailbankingremreview.com.au | i Executive summary This is the final report of my Independent Review of product sales commissions and product based

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