Walkley award–winning journalist Adele Ferguson spent five years investigating cases of unethical and unconscionable practice in Australian financial services companies.26 Her work and the efforts of others, including insider whistleblowers from the companies, ultimately led to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry 2017–19. One notorious case was a collection of unethical refusals by Comminsure to pay out on insurance policies for trauma and total and permanent disability. The culture at Comminsure appeared to apply pressure to staff to prioritise profits ahead of the needs of particular clients. Evidence emerged that some doctors were feeling pressure to change opinions on insurance claims to help Comminsure avoid payouts. In addition, outdated medical definitions were intentionally included in some insurance policies to enable non-payment of claims. Insiders were interviewed by Ferguson, and some later at the royal commission, and they pointed the finger at a culture of profiteering that came from the top and was encouraged throughout the company. One whistleblower commented, ‘They didn’t care about people. They worked with paper and they didn’t see the impact of what they were doing’. Ultimately, it was against strong internal cultural pressure that a few whistleblowers had to push for the truth to get out. They risked their jobs and their future employability to expose the practices that had become norms within Comminsure. As the royal commission proceeded, many other companies were found to have similar organisational cultures oriented towards making money at all costs and pressuring their staff to not talk about it beyond the company walls.
Question:
Consider what you would do if you worked inside a financial services company and earned your income from product commissions, but those products did not fulfil their promise. Would the culture in the workplace and the stigma of whistleblowing encourage or prevent you from taking a stand?