The speech comes after APRA granted the neobank Xinja an authorised deposit-taking institution (ADI) licence in September. Xinja joined Volt and 86 400 as some of the first neobanks to be given unrestricted ADI licences in Australia. The popularity of neobanks surged following the Hayne royal commission, with startups promising a more transparent process and lower costs due to their lack of brick and mortar branches.

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Mr Finch will be reporting to Mr Wade when Ms Bruce steps down on 1 November. AMP chief executive Francesco De Ferrari said the internal consolidation reflected the company’s client-led strategy. “The strategy we set out in August is focused on reinventing AMP to be a client-led, simpler and more growth-oriented business,” Mr De Ferrari said.

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Starting from October, the only variable remuneration most employees will receive will be in the form of a group performance dividend, based on the bank’s performance from a risk, financial, customer, people and reputation perspective. Mr Elliott said the royal commission had shone a light on the negative impact that individual bonuses within a bank can have on customer outcomes. “We are taking action to rebalance the way we pay people so that variable remuneration is a smaller part of our people’s take-home pay with these reduced bonuses to be determined by the overall performance of the bank,” he said.

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While no single manager said their first strategy was engagement, 36 per cent said it was their secondary strategy, said Mr O’Connor. “You are seeing a greater propensity to vote in favour of ESG resolutions in AGMs and we’ve seen some fairly big votes in favour of companies aligning their strategy with a two-degree future for example. You’re also seeing a lot of investors getting behind listed companies to really ensure they realign their strategies to be in line with Paris agreement targets in particular,” he said.

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