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Commonwealth Bank Victims

Dead advice clients slugged ongoing service fees

The Commonwealth Bank has admitted one of its advice subsidiaries charged ongoing service fees to clients it knew had passed away. Providing testimony to the Royal Commission today, CBA executive general manager, Commonwealth Private Marianne Perkovic acknowledged that on at least three separate occasions authorised representatives of Count Financial were identified in 2015 for continuing to charge ongoing service fees to clients that had died.


CommBank shareholders face whopping $575 million loss

On Wednesday, Commonwealth Bank announced its half-yearly profit which has suffered a massive write-down. It comes as a result of what the bank estimates it will be hit with in penalties from the federal court action which has been instituted by AUSTRAC.

$375 million has been set aside by the bank as a provision for the AUSTRAC allegations, with another $200 million set aside for costs relating to inquiries and royal commisions.

Ross Greenwood speaks with outgoing Commonwealth Bank CEO Ian Narev.

“We’ve said this before, there are areas in which we have not met the stands we should’ve.

“We take these things we’ve seriously and they’re signs we’ve got work to do.”

As for when the money will come from, Mr Narev says it’s all from the bank.

“Any money that comes out of the bank is the bank’s money, and it’s the money of the shareholders.”

With shareholders taking a whopping $575 million loss, Ross asks Mr Narev if management face the same loss.

“Just as when the bank does extremely well you wouldn’t expect management to take all the upside. When the bank makes mistakes management doesn’t take all the downside.”

This article was first pubished by
Author: Ross Greenwood
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