The eight biggest bank-aligned financial planning businesses in the country have agreed to share more information in staff reference checks to stop "bad apples" shuffling from one job to the next.
The Australian Bankers' Association (ABA) said on Tuesday that it had brokered an agreement between its members to adhere to new "hiring standards" for financial advisers. The new protocol sets minimum standards for checking references and sharing information, through a series of standardised questions and record-keeping practices.
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Sally Rose is a Sydney-based reporter, who covers business, personal finance and superannuation. Connect with Sally on Twitter.
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
