This joint consumer submission welcomes APRA’s proposed changes to remuneration requirements. These reforms are an important step forward. It is time to make markets work properly and restore the missing link between the pursuit of profit and good consumer outcomes. As a start, APRA should be looking to set direction on remuneration which will ensure staff are properly focused on the drivers of mutually beneficial profit. APRA must calibrate remuneration to ensure that the products and services firms are well-designed, suitable and fit for purpose.
