Westpac staff fight sales pressure
With talks on a new wages agreement between Westpac and the Financial Sector Union due to commence, the bank's staff are pushing for the right to not sell financial products to customers who are unable to meet their repayments. Staff feel that, with household debt at record highs, the link between their pay and the sale of loan products should be removed. The FSU's national secretary, Leon Carter said “Our members want banks to be profitable but they're increasingly uncomfortable pushing debt in the current climate, where people are struggling to finance loans, even though bank profits are now in the billions”. It is likely to be an uphill battle however as industrial relations laws prevent the negotiation of ‘conscience clauses' or engaging in action that disrupts management's rights to run a business.