Former Commonwealth Bank of Australia chief executive Ralph Norris has broken his silence over the bank’s financial planning scandal, labelling the advisers involved as ”rogue people” and denying any conspiracy to defraud customers.
Mr Norris, who ran CBA between 2005 and 2011, during which time the misconduct identified by a series of reports by Fairfax Media and a Senate committee report occurred, admitted to being aware of ”some of the problems” while he was CEO and considered the compensation procedure as adequate. ”I thought that we had put in place the appropriate resolution for those problems,” he said. ”Certainly I don’t know the specifics of everything that has happened since I have been there.
Mr Norris said regulation didn’t always ”necessarily overcome dishonest people”. ”If laws and regulation solved everything, well, we wouldn’t have the need for courts to handle anything like that,” he said. ”It comes down to the fact that it is a case where, when you find these issues, you have got to look at your processes and systems and say, ‘What can we do to prevent this from happening again? ‘ That is going to be more effective than a piece of legislation.
Read more here: SMH