demanding answers and getting the wrong ones...
The Commonwealth Bank is facing the prospect of a royal commission into a fraud scandal that left thousands of its customers millions of dollars out of pocket.
A Senate committee has recommended the judicial inquiry as part of its report on the performance of the Australian Securities and Investments Commission (ASIC).
The committee looked at a scandal which saw a group of planners working for Commonwealth Financial Planning (CFPL), a subsidiary of CBA, accused of putting clients' money into risky investments without their permission.
They were also accused of forging documents and earning hefty commissions along the way.
CBA is accused of trying to cover it up.
"These actions were facilitated by a reckless, sales-based culture and a negligent management, who ignored or disregarded non-compliance and unlawful activity as long as profits were being made," committee chairman Senator Mark Bishop said.
Note that the financial advisor laws were tightened by the previous Labor government. Now the Abbott regime wants to "reform" the advisor industry by removing as much control as possible. Mathias Cormann leads the charge and guess who is chairing the present inquiry by the government to push these UNWANTED reforms? Yes you know the former CEO of the Commonwealth Bank himself... Of course there is no "conflicts of interests" between him and his former mates.