CBA staff misunderstood client relationship

CBA/clients/commonwealth-bank/ASIC/australian-securities-and-investments-commission/fee-for-no-service/Matt-Comyn/Royal-Commission/RC/

20 November 2018
| By Mike |
image
image
expand image

The Commonwealth Bank advice executives who failed to notify the Australian Securities and Investments Commission (ASIC) about the bank’s fee for no service shortcomings had failed to understand their obligations, according to the bank’s chief executive, Matt Comyn.

Giving testimony to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Comyn nominated the fee for no service scandal as being an area in which the bank had failed in terms of its ongoing relationship with the Australian Securities and Investments Commission (ASIC).

He characterised the bank’s approach to its relationship with ASIC as being too narrow, legalistic and defensive.

Comyn said that there should have been much greater ownership of the relationship with ASIC at a business level.

Explaining the tardiness with which the bank reported its fee for no service problems to ASIC, Comyn said he believed that people had not understood the nature of the customer relationship and the need to provide a service.

“It was not understood and it should have been,” he said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS