Victim of the Commonwealth Bank financial planning scandal and the Choice Question Schemas consumer group independence and reach
But the bank said that no “one person” was responsible for current or past programs.
“It’s not individuals who make calls, there is governance and framework,” said Marianne Perkovic, executive general manager of CBA’s wealth management business.
“This program has now, and we have, the CEO oversight [independent review] also, “said Ms. Perkovic.” Hopefully that should give you some consolation.
However, the victims point out that the members of the panel were appointed and paid by the bank.
Concerns are also raised about how many potential victims will be reached.
Only 4,610 people had signed up for the new program announced last year by CEO Ian Narew in the wake of an investigation that a royal commission recommended for the bank’s financial planning department.
It is open to 400,000 former and current clients of CBA’s financial planning department, but clients must come forward and register with the bank themselves. Many are old or retired or no longer customers of the bank. Some do not speak English and therefore would not have seen any advertisements in the bank’s newspapers.
Choice said it had concerns about the bank’s management of the program given the relatively low number of registrations.
“With a pool of 400,000, that’s just over 1 percent,” said Erin Turner, Choice’s financial services policy and campaigns advisor.
“Given the scale of the problem, this seems extremely inadequate. You really have to question the adequacy of the bank’s communications.”
The coalition government rejected a recommendation in October to introduce a royal commission into the CBA on the grounds that the bank was running a new compensation system.
The class action law firms Maurice Blackburn, Shine Lawyers, and Slater and Gordon have all been hired by the bank as client attorneys. Shine had previously indicated that it would be considering a class action lawsuit over the debacle.
Customers who have signed up with the system say that six months later they are still waiting for CBA to pull their files.
A 66-year-old retiree who had lost $ 40,000 at the bank and did not want to be named for personal reasons said CBA had not found any documents in his case despite registering when the program opened.
“You’re deliberately braking. That’s the feeling I have,” he said.