Focus on bank sales may be good news for advisers

Tali Williams, First Union organiser

The union representing bank staff said regulatory change, such as the review of the Financial Advisers Act, was doing little to counteract pressure on the workers to flog debt products, KiwiSaver and insurance.

First Union launched a "Service before Sales" campaign today in Wellington.

It comes two months after the release of the landmark Sedgwick Report in Australia, which recommended 21 changes to help transform banking culture and practice from “sales first” to “service first”.

The report was commissioned by the Australian Bankers’ Association after widespread criticism of the way banks sell their debt products to consumers.