Dennis Gentilin is the author of “The Origins of Ethical Failures” (Routledge, 2016) and the Founding Director of Human Systems Advisory.

Last week, Mr Stephen Sedgwick AO released the findings from his review into remuneration arrangements for retail banking staff in Australia (the final report can be downloaded here). The review is part of a broader program of work being undertaken by the Australian Bankers Association that is aiming to address the culture and conduct issues within the banking sector.

With this objective in mind, the review represents a significant (albeit small) step in the right direction. Although some may question whether Mr Sedgwick went far enough, he has squarely placed the ball in the banks’ court and left them under no illusions that change is needed.