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BFCSA: Financial Planners now see Commonwealth Bank as the Crooks. So do our members

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http://www.smh.com.au/business/banking-and-finance/financial-planners-put-cba-on-notice-over-scandal-20140702-zstel.html

Financial planners put CBA on notice over scandal

Date July 2, 2014 - 3:05PM Adele Ferguson and Ben Butler

The country’s peak body representing financial planners has taken a stand on the Commonwealth Bank, saying it will support a royal commission into the bank unless the bank agrees to form an independent committee to oversee a “full and fair” compensation process to customers affected in the financial planning scandal. In a letter to its members obtained by Fairfax Media, the Financial Planning Association’s chairman Matthew Rowe says: “Like many of you, I am appalled at the damage done to many customers of the Commonwealth Bank financial planning business as well as the actions of some in CBA management.” The letter comes as the financial industry is reeling over the findings of a senate report into the CBA financial planning scandal and ASIC’s performance.

Mr Rowe said there are many CBA planners who have done a great job for their customers and he could “only begin to imagine what it must be like for them at this time". He said FPA members accounted for over half of all financial planners in Australia. In the past five years, its members had received 7 per cent of ASIC sanctions, equivalent to nine FPA members. “A telling statistic is [that] of these 9, we have had 4 members banned whom were engaged by the CBA group. So almost half of our members sanctioned in the last five years have been a part of the CBA.” Mr Rowe said he had called on the bank to set up an independently chaired committee to oversee a compensation process for customers.............

FPA chief executive Mark Rantall laid down the gauntlet to the bank, saying: “Such a move is imperative if the profession stands a chance of restoring trust among consumers. “In the past few weeks we have seen unprecedented events unfold before our eyes. We believe the clients impacted by untrustworthy advice need a voice. The FPA stands with those clients and is calling for a clear plan of action from the CBA to fully compensate all clients and ensure we don’t see a repeat of these appalling events in the future.” The FPA said in a statement that there had been "a great deal of debate about the merits of holding a royal commission into CBA and role of ASIC.....................Read more: http://www.smh.com.au/business/banking-and-finance/financial-planners-put-cba-on-notice-over-scandal-20140702-zstel.html#ixzz36Jz8aYkN

http://www.smh.com.au/federal-politics/political-news/cba-financial-planning-scandal-senator-david-bushby-was-missing-at-crucial-hearing-20140701-3b6jm.html

 

CBA financial planning scandal: Senator David Bushby was missing at crucial hearing

 

National Political News Date July 2, 2014 Ben Butler, Adele Ferguson

 

 

http://www.abc.net.au/news/2014-07-01/asic-commbank-royal-commission-recommendations/5564256

Self-funded retirees left bankrupt after bad advice from Commonwealth Bank financial planner Don Nguyen

7.30 By Sabra Lane  Updated 7 hours 13 minutes ago

 

 

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Guest Sunday, 25 October 2020