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Remuneration Review

The Independent Review into Retail Banking Remuneration

The Sedgwick Review

2021 Final Review & Report

In 2020 Mr Sedgwick was engaged to undertake the final review, published in May 2021. The report is published here.

2021 Final Report: “the report concludes, with few exceptions, the industry’s policies have changed in line with the letter and intent of the 2017 Recommendations for staff in-scope for this Review”

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2019 Interim Review

In 2019 Mr Sedgwick undertook an interim review to determine progress of implementations of the 2017 Report recommendations. A key finding of the 2019 review was: ‘Overall, substantial progress has already occurred. The clear trend is towards policies that will be fully consistent with the Recommendations in respect of in-scope bank staff well in advance of 2020’. Concurrently Commissioner Hayne recommended the full implementation of the Sedgwick Review recommendations.

2019 Progress Report: “Overall, substantial progress has already occurred. The clear trend is towards policies that will be fully consistent with the Recommendations in respect of in-scope bank staff well in advance of 2020”.

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The 2017 Review

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.

The Sedgwick Report

The Sedgwick Report: “This is the final report of my Independent Review of product sales commissions and product based payments in retail banking in Australia (Review).”

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“This Issues Paper summarises current practices and seeks further information about product sales commissions and product-basedpayments paid in respect of retail banking products.”

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“The review will cover product sales commissions and product based payments received directly or indirectly by people selling banking products sold”

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About the Reviewer

Steve Sedgwick AO
Mr Steve Sedgwick AO has had a long and distinguished career in the public sector, having served in a number of departments beginning in 1972. He was Secretary to the Commonwealth Departments of Finance, Employment and Education between 1992 and 2002. He became Australian Public Service Commissioner in December 2009-2014 after a period as Professor and Director of the Melbourne Institute of Applied Economic and Social Research at the University of Melbourne and, earlier, as an Executive Director on the Board of the Asian Development Bank.

Experience
Steve has served on a number of boards and advisory bodies, including the Male Champions for Change and the Jawun Corporation. He is currently Deputy Chair of the Board of the Sir Roland Wilson Foundation based at the Australian National University and is serving on international advisory panels to the public services of Canada and Singapore. He has been recognised by his peers and is a National Fellow of the Institute of Public Administration Australia. Steve was awarded the Centenary Medal in January 2001, and was made an Officer in the Order of Australia in June 2012.

Independence
Mr Sedgwick was supported by legal and remuneration experts to inform his findings and ensure the conduct of the review and the options for implementation that it identifies are consistent with the legal and regulatory obligations that apply to participants in the review.

Support
For the 2017 review, Mr Sedgwick also had access to additional expert advice as needed from a Bank Advisory Group and a Stakeholder Advisory Panel. The Stakeholder Advisory Panel included representation from across consumers, employees and professional standards.