We’ve learned our lessons says Commbank chairman
The Commonwealth Bank has learned its lessons from its financial advice failings, according to its chairman, David Turner.
He also defended the time being taken to complete the Open Advice Review process, claiming that two years was normal for a program of such size and complexity.
Addressing the bank's annual general meeting yesterday, Turner stated that "within the bank, we have learnt our lessons from the financial advice situation".
His comments came despite the bank continuing to be the subject of media criticism and critical views expressed by a number of members of the Senate Economics Committee.
Turner told the AGM that the bank's Open Advice Review program had now received over 23,000 expressions of interest from customers and that 8,000 had so far requested a formal review, with about 1,500 having been assessed.
"Our sole focus is to get the right answer for customers who have not received correct advice," he said.
"It will take about two years to complete and this is normal for a program of this size and complexity."
"Speed is at the forefront of our minds and the CEO [chief executive] and his team are pushing ever harder to accelerate the process, but getting it correct is our first priority," Turner said.
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