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Banking royal commission interim report: Hayne to trigger remuneration revolution

James Eyers
James EyersSenior Reporter

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The major banks will be forced to consider getting rid of sales-based incentives for all staff, with the Finance Sector Union calling for banker pay to be based only on customer service and compliance, after the royal commission's interim report found remuneration incentives were at the heart of every scandal it uncovered.

Commissioner Kenneth Hayne has condemned the harmful impact of sales-based incentives and commissions on staff, prompting banks to embark on a fundamental rethink of pay policies.

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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au

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    Original URL: https://www.afr.com/business/banking-and-finance/banking-royal-commission-interim-report-hayne-to-trigger-remuneration-revolution-20180930-h161sr