Bankers’ Pay to be Reviewed

Former Australian Public Service Commissioner Stephen Sedgwick will lead a review into bankers’ pay and commissions, with the sector breathing a sigh of relief that Labor’s royal commission into the banking sector is all but dead. The Australian Bankers’ Association (ABA) announced on Tuesday it had appointed Mr Sedgwick and a panel of experts to conduct an independent, industry-funded, review of retail banking remuneration. They are tasked with investigating how commissions and payments made to bank staff and third parties, such as mortgage brokers, could be leading to conflicts of interest that mean customers receive advice that is against their best interests.