A- A A+

CBA compensation bill rises to $29m

The Age  |  16 June 2017  |  News

The Commonwealth Bank's compensation bill for victims of bad financial advice has risen to $29 million. 

But customers who were knocked back from the scheme say it was flawed to begin with and have welcomed a push in the Senate for commission of inquiry into the banks.

CBA executive general manager Leif Gamertsfelder said the Open Advice Review program, which was set up by the bank in 2014 in the wake of scandals, had now reached its final stages.

"Reviews were completed and issued to customers early this year and the vast majority of cases – around 90 per cent – have now been finalised," he said. 

Read More: http://www.theage.com.au/business/banking-and-finance/cba-compensation-bill-rises-to-29m-despite-review-claims-knocked-back-20170615-gwro98.html

 

 



Similar articles from News

Interest rate risk for under-40s as debt burdens

SMH | 8/1/2017

The average mortgage burden on home owners aged under 40 doubled between 2002 and 2014 leaving them especially vulnerable to rising interest rates, a leading household survey shows.

The latest instalment of the respected Household, Income and Labour Dynamics in Australia (HILDA) Survey, released on Wednesday, demonstrates how high house prices are affecting the lives of young people in Australia's big cities.


Adani loan too much of a risk for taxpayers

SMH  | 7/31/2017

A $1 billion concessional loan to the controversial Adani Carmichael mine project in Queensland's Galilee Basin could expose taxpayers to a high risk of losing their money, according to an independent business analysis.


Huge queues at Sydney Airport's T2 terminal as terrorism security increased

SMH  | 7/31/2017

Huge queues of people snaked out Sydney Airport's domestic terminal T2 on Monday morning as passengers experienced lengthy waits to check in to their flights.

Crowds also gathered in the baggage claim area with the wait attributed to extra security after an alleged plot to bring down a flight was uncovered.


Grill'd under fire for wage theft

Kelly Hughes  | 7/27/2017

In 2015, Australian fast food burger chain Grill’d was investigated for wage underpayment and hiring staff on outdated employment agreements.

The scrutiny came when former Melbourne Grill’d employee Kahlani Pyrah took the company to court, over allegations she was being paid below the award wage and was unfairly dismissed.


Wage fraud will continue until politicians stop it. They can – but will they?

The Guardian  | 7/27/2017

Following yet another wage fraud scandal – this time at restaurant chain, Dainty Sichuan – a recent newspaper editorial contended that, “Further layers of workplace regulation are not the solution to wage fraud.” Instead, it argued in favour of stronger enforcement of existing laws. The editorial could not be more wrong.


 

Subscribe

Subscribe to the Personal Super Investor weekly email to keep abreast of developments in SMSF law and investment markets. SMSF investors looking to improve investment returns from shares, property, cash or other specialised investments, will find the PSI weekly newsletter an invaluable resource.

Subscribe now »

Disclaimer

The contents of this website are of a general nature only and have not been prepared to take into account any particular investor's objectives, financial situation or particular needs. Our content is not intended to be advice and must not be relied upon as such. You should seek independent advice tailored to your specific circumstances prior to making any decisions. Personal Super Investor does not provide financial product advice or recommend any financial products: Where this website or it derived newsletter/electronic publication refers to a particular financial product, whether it be within our editorial or a 3rd party advertising, advertising promotion or advertorial, then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. We do not make any representation or warranty that any material on the Personal Super Investor website will be reliable, accurate or complete, nor do we accept any responsibility arising in any way from errors or omissions of our content or any content provided by any advertiser appearing the Personal Super Investor website. We will not be liable for loss resulting from any action or decision by you in reliance on the Material (whether editorial or advertising) on the Personal Super Investor website, nor any interruption, delay in operation or transmission, virus, communications failure, Internet access difficulties, or malfunction in your equipment or software. By using the site you acknowledge that we are not responsible for, and accept no liability in relation to any content contained on the site that you may use, including any other users’ use of the Personal Super Investor website in any circumstance. You use the Personal Super Investor website at your sole risk.