The Commonwealth Bank on Fri 11.7.2014, announced that former High Court Judge Ian Callinan has been appointed to head up the Bank’s independent Review Panel as part of its Open Advice Review program following the recently released report of the Senate Economics References Committee into the performance of ASIC. The Committee said its report examined in detail the serious misconduct engaged in between 2006 and 2010 by financial advisers at Commonwealth Financial Planning Limited (CFPL), part of the Commonwealth Bank of Australia Group (CBA). Mr Callinan’s appointment is effective immediately.
The Bank said Mr Callinan’s initial priority is to advise Commonwealth Bank CEO Ian Narev with respect to key design elements of the program to ensure it fulfils its primary objective of supporting affected customers and guaranteeing an independent review of their cases.
The Bank said customer registration for the Open Advice Review program is open by calling 1800 507 281 or by visiting http://www.commbank.com.au/openadvice.
[LTN 132, 11/7/14]