CBA's compensation scheme is too little, too late

By Stephen Bartholomeusz

Narev referred to the complicating influence of the global financial crisis, making the point that even well-advised investors lost money in that period, making it more difficult to establish how much the poor advice given by some advisers in its own business had cost its customers.

It will fund a process under which all of the 400,000-plus customers of the Commonwealth Financial Planning and Financial Wisdom businesses between 2003 and 2012 will be able to have the advice they were given reviewed by, initially, a specialist CBA team.

The angst and anger among the victims, in Canberra, within the Australian Securities and Investment Commission (which believes CBA misled it) and the community over the revelations of fabricated documents, forged signatures and greedy commission and bonus-driven advisers in the Senate committee’s report is unlikely to subside just because CBA has now put a new process for compensation in place.

Read more here: Business Spectator


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