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Commonwealth Bank of Australia CEO apologies for financial planning scandal
October 17th, 2022 | Uncategorized |
Thursday, July 3, 2014
Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.
Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).
Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.
In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”
An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.
Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.
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Monday, January 3, 2011
Pakistani officials have stated that three US drone strikes have killed fifteen people in the country Saturday. The attacks occurred to the north of Miranshah town in the North Waziristan region.
Security officials in the town informed AFP that in the first strike, US drones fired four missiles on a car, killing seven suspected militants. A nearby “militant compound” was also destroyed by the missiles. “Three militants were killed in the car while four were killed in the house,” the official said. The second attack occurred within minutes of the first, and four militants, who were carrying on rescue work were killed by the two missiles that had been fired.
Intelligence officials believe that the militants were associated with Hafiz Gul Bahadur. “We are trying to establish identity of the militants but most of them are believed to be fighters of Hafiz Gul Bahadur,” an official told the media. However, the death toll and the identity of those killed was not officially confirmed. A local official stated that they had heard reports stating “that four foreigners were also killed in these fresh attacks”. However, he added that their identity is “still not known” and mentioned that they “are collecting more information.”
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by
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