Business

Mar 20, 2018

Lies, damned lies, and banking mea culpas at the royal commission

While the banking royal commission exposes scandal after scandal, the corporate regulator is still uttering platitudes about the sector regulating itself.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

It was a thoroughgoing apology from Commonwealth CEO Ian Narev in July 2014. Amidst the turmoil of revelations about the shonks and spivs of Commonwealth Financial Planning, senate committee inquiries and Adele Ferguson routinely exposing more scandals, Narev wanted to apologise to victims of CFP. "I unreservedly apologise to all customers affected. Poor advice provided by some of our advisers between 2003 to 2012 caused financial loss and distress and I am truly sorry for that," Narev said. And he was at pains to state that this was atypical of the Commonwealth Bank.

The way in which we have transformed our CFP and FWL businesses over the past three years shows our commitment to ensuring that the best interests of our customers are always our first and foremost consideration. This transformation brings CFP and FWL in line with our other businesses at the Commonwealth Bank.

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