Unfair Dismissal in Finance & Banking
Your unfair dismissal rights as a finance & banking worker in Australia, including your award entitlements, common issues, and how to lodge a claim with the Fair Work Commission.
Last verified: 1 July 2025Relevant Award
Banking, Finance and Insurance Award 2020 (MA000019)
The Banking, Finance and Insurance Award covers bank employees, financial advisers, insurance workers, and related roles. Many finance sector employees are covered by enterprise agreements or are award-free (earning above the high-income threshold). The high-income threshold for unfair dismissal is $175,000 (2025-26) — employees earning above this cannot claim unfair dismissal unless covered by an award or enterprise agreement.
Common Unfair Dismissal Issues in Finance & Banking
- Redundancy during digital transformation and branch closures
- Dismissal following compliance breaches or regulatory investigations
- Dismissal of whistleblowers who report misconduct (protected under ASIC Act and Corporations Act)
- Performance management of financial advisers during regulatory changes
- Restructures targeting older, higher-paid employees in favour of younger staff
Small Business Fair Dismissal Code
While major banks and insurers are large employers, financial planning practices, mortgage brokers, and small insurance agencies may be small businesses with fewer than 15 employees.
Finance & Banking Termination Rules
Notice Period
Under the NES, notice depends on length of service: 1 week (up to 1 year), 2 weeks (1-3 years), 3 weeks (3-5 years), or 4 weeks (5+ years). Employees aged 45+ with 2+ years of service get an extra week. Your award or enterprise agreement may provide longer notice.
Redundancy Pay
NES redundancy pay ranges from 4 weeks (1-2 years) up to 16 weeks (9-10 years). Small businesses (fewer than 15 employees) are exempt. Some finance & banking enterprise agreements provide more generous redundancy than the NES minimum.
Unfair Dismissal Eligibility
You must complete the minimum employment period (6 months for large employers, 12 months for small business) and earn below the high-income threshold ($175,000) unless covered by an award or enterprise agreement.
How to Lodge an Unfair Dismissal Claim
The FWC filing fee is $83.30 (2025-26). Finance sector employees should check whether they earn above the high-income threshold ($175,000), as this affects eligibility. Financial sector whistleblowers have additional protections under the Corporations Act 2001.
- Check eligibility — minimum employment period, income threshold, and 21-day deadline.
- Gather evidence — employment contract, payslips, warnings, correspondence, and termination letter.
- Lodge online — file Form F2 (unfair dismissal application) through the FWC website.
- Pay the filing fee — $83.30 (2025-26). Fee waivers are available for financial hardship.
- Attend conciliation — a FWC conciliator will try to help you reach a settlement with your employer.
- Hearing (if needed) — if conciliation fails, the matter proceeds to a formal hearing before a Commissioner.
Time Limit to Lodge
21 days
From the date your dismissal takes effect. Strictly enforced.
FWC Filing Fee
$83.30
2025-26 fee. Fee waivers available for financial hardship.
Calculate Your Entitlements
Frequently Asked Questions
What award covers finance & banking workers in Australia?
Most finance & banking workers are covered by the Banking, Finance and Insurance Award 2020 (MA000019). However, some employees may be covered by an enterprise agreement or may be award-free. Check your employment contract or payslip for your applicable award.
Can I claim unfair dismissal as a finance & banking worker?
Yes, provided you meet the eligibility requirements: you must have completed the minimum employment period (6 months for employers with 15+ employees, 12 months for small businesses), and earn below the high-income threshold ($175,000) unless covered by an award or enterprise agreement. You must lodge within 21 days of dismissal.
What is the FWC filing fee for unfair dismissal?
The FWC filing fee is $83.30 (2025-26). Finance sector employees should check whether they earn above the high-income threshold ($175,000), as this affects eligibility. Financial sector whistleblowers have additional protections under the Corporations Act 2001.
Does the Small Business Fair Dismissal Code apply in finance & banking?
While major banks and insurers are large employers, financial planning practices, mortgage brokers, and small insurance agencies may be small businesses with fewer than 15 employees.
What compensation can finance & banking workers get for unfair dismissal?
The Fair Work Commission can order reinstatement to your former position or compensation of up to 26 weeks' pay (based on your base rate of pay). The amount depends on factors including length of service, efforts to find new employment, and any misconduct. General protections claims have no compensation cap.
Other Industries
General information and estimates only — not legal, financial, or tax advice. Always verify with the Fair Work Ombudsman (13 13 94) or a qualified professional.