CBA may fall victim to hubris as pressure rises

Johnson was referring to the various twists and turns in the Commonwealth Bank financial planning scandal that was exposed by Fairfax Media a year ago and culminated last week in a Senate inquiry calling for a royal commission.

This has manifested itself in various ways including the emergence of various class-action law firms preparing to mount class actions against the bank, a move by some independent financial advisers to stop selling CBA ”Colonial” branded products after a backlash from customers, and last month a financial advice firm Ethical Financial Advice defecting from the bank’s Financial Wisdom umbrella to a non-aligned licensee as it was attracted to the dealer group’s ”non-conflicted” nature and advice provision philosophy.

But a letter sent to Narev by one of the bank’s victims, Jan Braund, on January 9, 2013, five months before she took her story to Fairfax Media, suggests the bank might have averted some of the negative publicity if it had taken her letter seriously.

Read more here: SMH


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