APRA announces high-powered panel to investigate CBA
08 September 2017
A former chief of the prudential regulator and a former boss of the consumer watchdog have been appointed to the APRA panel examining the culture of the embattled Commonwealth Bank.
The Australian Prudential Regulation Authority (APRA) announced on Friday that former APRA boss John Laker, former head of the Australian Competition and Consumer Commission Graeme Samuel and company director Jillian Broadbent would conduct the review of CBA it announced in late August.
The review came in the wake of numerous scandals including allegations of money laundering, unfair denial of life insurance claims and financial planning rip-offs.
In a statement APRA said: "The goal of the inquiry is to identify any shortcomings in the governance, culture and accountability frameworks and practices within CBA, and make recommendations as to how they are promptly and adequately addressed."
Read More: http://www.smh.com.au/business/banking-and-finance/apra-announces-highpowered-panel-to-investigate-commonwealth-bank-20170907-gyd8rh.html