guide

A New Governance Model for Incentives in a Post-Hayne World

Learn how to use a new governance model and drive the right behaviour in the financial world after Hayne, Sedgwick, and the Royal Commission Recommendations.

On 19 April of 2017, Stephen Sedgwick AO delivered a review of remuneration in retail banks in Australia as a response to concerns regarding how these banks serve their customers: “Some current practices carry an unacceptable risk of promoting behaviour that is inconsistent with the interests of customers and should be changed.”

The challenges faced in the marketplace regarding overly-aggressive members of a sales
team pushing unnecessary products or services to buyers cannot be ignored. However, the
Sedwick report fell into the trap of placing the blame at the feet of the product-related incentive
plans, rather than looking deeper into measurement practices, reporting methodologies,
and remuneration based on more than just making a sale.

In this report, you'll learn:

  • The impact of  Hayne, Sedgwick, and the Royal Commission Recommendations
  • Why incentives work
  • The next wave of technology for managing and measuring customer care
  • Additional recommendations for success