About the Review
This website provides information on the Independent Review into product sales commissions and product based payments in retail banking in Australia, which was conducted by Mr Stephen Sedgwick AO. Specifically, the Review related to bank staff and third parties who receive payments for selling bank products such as deposit accounts, mortgages and credit cards. This Independent Review was commissioned by the Australian Bankers’ Association as part of a 6 point reform plan announced in April 2016, to address conduct and culture issues in banks.
On 17 January 2017 the Independent Review released an Issues Paper which outlined current pay practices in the retail banking sector as well as for third parties and invited submissions to assist in the development of final findings and recommendations.
The Review was completed on 19 April 2017 with the release of a final Report into product sales commissions and product based payments in retail banking. This Report contained 21 recommendations. As part of this Review, an independent study into UK banking remuneration practices was also commissioned, along with material that explained the legal framework within which banks engage with their retail customers.