CBA Hit with Fines by ASIC

The ABC have reported that Commonwealth Bank of Australia’s brokerage arm CommSec have been fined by Australian Securities and Investment Commission for contravening the Corporations act for disclosure and procedural breaches.

The extent of misconduct by CBA under CEO Ian Narev continues to be exposed at an alarming rate, and it appears we are still only seeing the ‘tip of the iceberg’.

Further significant misconduct within CBA is expected to be exposed during the Bankwest Class action, relating to 1958 Bankwest commercial loan customers forced into insolvency following the takeover by CBA in 2008.

Despite establishing the class action, a Banking Royal Commission remains necessary, to deliver a broader forensic probe of the actions of the bank, to ensure those responsible are held accountable and legislation is optimise to avoid a repeat of such unconscionable corporate behaviour.




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