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Commonwealth Bank response to Four Corners & Fairfax investigation

Commonwealth Bank response to Four Corners & Fairfax investigation
Mr Noel Stevens: We respect the decision of the Court of Appeal, and wish to express our sympathy for the tragic circumstances of the customer and their family.

We acknowledge that the most appropriate action in this case would have been for the customer to have remained with their existing policy. If the Commonwealth Bank had been aware of all relevant circumstances, there would have been no reason for the customer to terminate his existing policy.

Commonwealth Financial Planning

We deeply regret the events that occurred in our financial planning business where the behaviour of a number of advisers was unacceptable.

None of the advisers involved remain employed by Commonwealth Bank.

We acknowledge we should have identified the problems earlier, and we should have acted more quickly once issues were found.

We have apologised to our customers for these events and we have worked with customers to put things right. Customers who experienced losses as a result have been remediated. We continue to work with the small number of customers whose cases remain unresolved.

We have significantly transformed our business as a result of these events. We have changed the management team and structure, the culture, the processes and the systems. The substantial investment we have made has resulted in major improvements in the business and demonstrates our determination to ensure that these regrettable events are never repeated.

If any of our customers are concerned, please contact us on 1800 508 169 (8.30am - 5.00pm Monday to Friday).

*This number is inclusive in the $51 million stated on page 9 of the Commonwealth Bank of Australia’s submission to the Senate Economics Reference Committee dated 11 November 2013.

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Last modified onTuesday, 06 May 2014 03:42

1 comment

  • Brenda
    Brenda Thursday, 08 May 2014 00:12 Comment Link

    As a long and devoted business customer of the CBA, I have closed everything down and have pulled out of the banking system. I really don't think anything will change in practice within the CBA, and I imagine others are leaving in droves as well. I have made a substantial donation to Bank Victims and urge you to do so as well. Keep at it guys
    "FANTASTIC SITE". Thank you


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