The bank, the whistleblowers, the regulator and the lost savings

Adele Ferguson and Chris Vedelago SPECIAL: How the nest eggs of hundreds of retirees were placed, without permission, in high-risk products that generated big fees for the People’s Bank.


ASIC 'asleep on the job' over CBA

Adele Ferguson dinkus.

ADELE FERGUSON One of the whistleblowers who tipped off the Australian Securities and Investments Commission about a scandal inside Commonwealth Bank's financial planning arm has described the regulator's submission to a Senate inquiry as ''inadequate'', full of spin and riddled with excuses.



Targets, bonuses, trips - inside the CBA boiler room

Simon Bosch

Adele Ferguson and Chris Vedelago Amid the fracas of the global financial crisis, 100 of Commonwealth Bank's top financial planners flew to Auckland for an annual three-day bash in honour of the bank's biggest earners.



Senate launches inquiry into ASIC


Adele Ferguson, Chris Vedelago The Senate will hold an inquiry into the corporate watchdog following revelations in Fairfax Media that the regulator took 16 months to act on information from whistleblowers about serious misconduct inside the Commonwealth Bank's financial planning unit.




Rogue planners: Senate demands answers

CBA exterior.

Adele Ferguson and Chris Vedelago The corporate watchdog will face a Senate inquiry into its performance that is likely to embroil the Commonwealth Bank and raise questions about the effectiveness of new financial reforms.


ASIC took the right action on CBA: deputy chairman


Peter Kell The media is right to shine a light on the conduct five years ago of Commonwealth Financial Planning (CFP) because it reminds readers how far we have come in changing financial planning.


ASIC has let down CBA's victims: whistleblower

Andrew Dyson - Whistle.

Jeff Morris Watching Nationals Senator John Williams and Labor Senator Doug Cameron questioning ASIC over the agency's numerous failures in the Don Nguyen matter filled me with mixed emotions.


Pressure on ASIC over CBA fraud

PIC JIM RICE.14.07.2010 . GENERICPIC SHOWS.Australian Securities and Investment Commission. ASIC . GENRIC

ADELE FERGUSON Financial Resolutions Australia believes clients of CBA's financial planning arm may have a claim against ASIC.



Rogue planner kept job amid forgery allegations


Adele Ferguson and Chris Vedelago CBA was aware of forgery allegations by a key senior financial planner at least nine months before he resigned and four years before he was banned from the industry.



Bank tried to hide documents from victims of banned planner

Don Nguyen

Adele Ferguson, Chris Vedelago The Commonwealth Bank of Australia tried to use "legal privilege" to conceal documents in the event of lawsuits by victims of banned financial planner Don Nguyen.


ASIC process in need of change

Adele Ferguson dinkus.

ADELE FERGUSON A change in Canberra won't stop the call for an inquiry into the corporate regulator.


Banned CBA planners took charge of millions of dollars

CBA AFR 090827 MELB PIC BY JESSICA SHAPIRO...GENERIC commonwealth bank, banker, interest rates, big four, four pillars, pedestrians, customers.AFR FIRST USE ONLY PLEASE!!! DIGICAM 112727

Adele Ferguson and Chris Vedelago Seven Commonwealth Bank financial planners who were banned by the regulator for misconduct are understood to have represented thousands of clients and managed hundreds of millions of dollars of their money.



Watchdog attacked over scandal

ASIC logo.

Chris Vedelago and Adele Ferguson A senior Labor politician says ASIC is doing a 'crap job' of handling the CBA financial planning scandal.


Hockey mother-in-law victim of bank adviser

Joe Hockey

Adele Ferguson, Chris Vedelago Patricia Babbage still gets emotional when she thinks about her horrific experience at the hands of a financial planner employed by the Commonwealth Bank.


Blow the whistle, face the music

Adele Ferguson dinkus.

ADELE FERGUSON If you've ever thought of blowing the whistle to the corporate regulator, think twice.



ASIC caned over tardy probe on CBA financials

ASIC logo.

Adele Ferguson, Chris Vedelago and Ben Butler The Australian Securities and Investments Commission has been lashed over its failure to investigate the claims of whistleblowers at the centre of Commonwealth Bank's financial planning scandal.


CBA covered up misconduct by rogue financial planner


Adele Ferguson, Chris Vedelago The country's biggest bank, Commonwealth Bank, concealed financial improprieties by one of its top financial planners who controlled an estimated $300 million in investments on behalf of 1300 clients, many of them retired and with serious health issues.


Profit above all else: how CBA lost savings and hid its tracks

CBA logo.

Adele Ferguson and Chris Vedelago It took nearly 16 months before the regulator was forced to act against serious flaws at Commonwealth Bank's financial planning unit.





Thankyou to Adele Ferguson and the Fairfax team :)

In addition to this summary of the CBA Whistleblowers story, another section of CBA is still paying the banned planner. I get the impression that this situation is barely a temporary glitch to CBAs business as usual and they're not taking it very seriously at all.

What does it take to make CBA take real responsibility for their conduct? - not just wait until they're publicly forced to "do something"? Seems they're very much from the same gene pool as ASIC: immune to any real consequences of their actions.

I've been told that CBA handle all the government payments, including pension supplements and student loans. Can anyone confirm this please ?

Are CBA collecting royalties or licensing fees from other Banks, non-bank lenders, credit unions, finance companies, etc on their Intellectual Property: the Australian version of the international mortgage scam?

CBA and ASIC executives: safe as houses? - or safe as all their tidy little off shore superfunds and investments and sundry finagling?

Make CBA and ASIC REALLY PAY for the suffering and hardship they've caused to innocent individuals and families!

Obviously the consequences need to be far greater than anything Fairfax have served up yet!