CBA appoints international experts to review panel
A former Clinton Administration adviser and an ex-US Securities Exchange Commission chair will be part of the independent expert panel reviewing Commonwealth Bank's Open Advice Review program.
CBA announced that Promontory Financial Group had been appointed to review the program, after the back accepted conditions imposed by the Australian Securities and Investments Commission on its financial planning arms, following the failure of its compensation program for clients.
Promontory Financial Australasia chief executive, Dr Jeff Carmichael, has been appointed to lead the team that will review the program's processes, transparency and report on the outcomes.
Eugene Ludwig, who served as US Comptroller of the Currency, under the Clinton Administration, and Mary Schapiro, the 29th chair of the US Securities Exchange Commission, have also been named as members of Promontory's expert panel.
CBA chief executive, Ian Narev, said the Open Advice Review program would provide customers of Commonwealth Financial Planning and Financial Wisdom, who were affected by the scandal that enveloped the bank's financial planning arms, with "support and comfort".
"Jeff Carmichael, Eugene Ludwig and Mary Schapiro are all recognised as international experts on structure, design and effectiveness of regulatory process," he said.
"Their monitoring and periodic reporting is crucial in delivering a program that will provide comfort and assurance to customer and other that the program is delivering an efficient, fair and consistent outcome."
AUTHOR
Nicholas O'Donoghue
Recommended for you
ASIC has banned a former AFSL director after he failed to adequately address fees-for-no-service conduct by one of his firm’s representatives.
The Financial Advice Association Australia has appointed two new board members following two weeks of voting, as well as one re-elected member.
Advice licensee Bombora has introduced a board of six financial advisers from its national network to ensure industry voices are heard collectively on future decisions.
Technology firm Iress and investment manager Challenger have formed a strategic partnership to launch an adviser solution to better serve their retiring clients.
