Daily Bulletin

Men's Weekly

.

  • Written by The Conversation Contributor

Former ACCC chairman Professor Allan Fels says a “concerted campaign” has been waged by franchisees of 7Eleven against underpaid workers to prevent them seeking compensation.

And he has spoken of the need for Australia’s banks to follow the example of the United Kingdom and structurally separate commercial activities from its lending and deposit taking operations, as calls for a royal commission into the sector continues.

Professor Fels was speaking at the Melbourne Press Club with Fairfax Media investigative journalist Adele Ferguson - whose reporting helped reveal systematic underpayment by 7Eleven and misconduct in the financial planning arm of the Commonwealth Bank - and CBA whistleblower Jeff Morris.

Prof Fels, a Professorial Fellow for the University of Melbourne, headed an independent panel that examined the underpayment of 7Eleven workers after a joint Fairfax/ABC investigation. He said 2000 claims were actively being processed, with 343 claims being paid $12 million, an average of $35,000 per claim.

He said there was a “very strong campaign by franchisees to deter them” and that there needs to be shared liability forcompensation between franchisers and franchisees:

Professor Allan Fels speaks about 7eleven. The Conversation, CC BY2.93 MB (download)

Prof Fels says in the banking sector there are some “deep conflicts of interests” that have been exacerbated by the need to prop up “too big to fail” banks. Conflicts had been intensified by banks expanding into funds management, an area which the Vickers Report in the UK recommended be separate from the traditional deposit taking activities of banks:

Professor Fels comments on banking culture. The Conversation, CC BY2.53 MB (download)

“My message to the bank would be get a lot more serious about compliance, ethics and a pro-consumer culture or basic questions will come up”.

The event focused on the role of whistleblowers in exposing corporate corruption and also heard from consumer advocate Michael Fraser.

Authors: The Conversation Contributor

Read more http://theconversation.com/allan-fels-7eleven-franchisees-waging-campaign-to-block-workers-compo-audio-57819

Business News

Why Every Business Needs Wholesale Gift Boxes and Custom Packaging

candles, handmade jewellery and artisanal chocolates are just some item types where aesthetics are important to shape customer assumptions in terms of brand prestige or product quality. Pack aging ...

Daily Bulletin - avatar Daily Bulletin

How Local Service Businesses in Australia Can Compete (and Win) Online

Source: Pexels Running a local business today means competing not just on your street but online, too. It’s no secret that big brands dominate search results and social feeds, leaving many Australi...

Daily Bulletin - avatar Daily Bulletin

Why Small Business is the Latest Casualty of the Cost-of-Living Crisis

The Australian small to medium enterprise (SME) sector is currently navigating a systemic crisis defined by the convergence of high operational costs and severely constrained consumer demand. This env...

Daily Bulletin - avatar Daily Bulletin

Speed Dating For Business