It comes after banks in April promised tooverhaul bonuses paid to staff who hit sales targets,but critics including the Finance Sector Union are pushing for tougher action and less emphasis on financial goals.
Mr Colin,whose trip to Australia was funded by a union group affiliated with the Finance Sector Union,predicted there was"absolutely"a risk of a similar scandal to the Wells Fargo affair in Australia,because of the pressure sales targets put on staff. He will appear before a Senate inquiry into consumer protection in finance in Sydney on Wednesday.
"We're human. When we are under pressure and we don't want to lose our jobs,of course we are going to go another way around,just to meet our goals and to save our jobs,"he said.
"If you don't fix your sales goals systems here in Australia,I'll see another similar to Wells Fargo scandal happening here in the future. I hope you guys can avoid it with some hard work,but we're living in a very global world now,and things are pretty similar between us."