Category Archives: CBA in the News

BankWest Conduct in Spotlight Again

Commonwealth Bank of Australia owned BankWest conduct towards customer is in the spotlight again, as calls for a Banking Royal Commission continue.

The Melbourne Age has reported how parents of a terminally-ill child were treated when seeking hardship assistance from the bank.

http://www.theage.com.au/business/banking-and-finance/cancer-victim-battles-cba-for-mortgage-relief-20160902-gr7b6d.html

This is treatment of customers is consistent with treatment experienced by BankWest Commercial Loan Customers resulting in foreclosure of 1958 loans.

The BankWest class action has been established  and is fully funded, to allow victims to join together and hold the Commonwealth Bank of Australia to account for it’s abhorrent treatment of customers.

It is expected the case will shed more light on the acquisition led by current CEO Mr. Ian Narev, and the subsequent actions that led to thousands of victims bankrupted.

#banksRC

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.

http://ab.co/2cx6mXJ

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.

#banksRC

 

 

Another Day, More Unconscionable Conduct from the CBA

Australia’s leading investigative journalist into banking misconduct, Adele Ferguson, has reported yet another case, highlighting the human toll  of CBA misconduct.

The initial story broke after efforts of CBA whistleblower Jeff Morris to bring serious, systemic misconduct to the attention of senior CBA management executives failed.

http://www.smh.com.au/business/banking-and-finance/97yearold-fights-cba-for-compensation-after-shoddy-advice-from-dodgy-don-nguyen-20160902-gr7fut.html

CBA CEO Ian Narev narrowly avoided a Royal Commission at the time the systemic misconduct was exposed by assuring the government that the bank would ‘set things right’.

Unfortunately for many of the victims, these assurances were hollow rhetoric and the CBA have clearly not reviewed claims and restituted victims in good faith and good time.

At the same time, the CBA continue to deny their actions towards Bankwest commercial loan customers following the acquisition of Bankwest in late 2008.

However, through ongoing research of the takeover, a fully funded  Bankwest class action has now been established, that allows victims of CBA misconduct to join a legal action with the view to holding the Commonwealth Bank of Australia to account for it’s actions and seek financial restitution.

 

 

 

 

Ian Narev Refuses to Attend Senate Committee Hearing

In May 2016, Commonwealth Bank of Australia CEO Ian Narev refused to attend a hearing Senate economics references committee in relation to allegations of another serious misconduct at the CBA.

Mr Narev was asked by the committee chair Senator Chris Ketter to attend the hearing in relation to explosive allegations into CommInsure, aired on ABC’s hard hitting investigative journalism show 4 Corners.  The episode was co-produced with Fairfax media’s Adele Ferguson, Australia’s most awarded journalist in the areas of banking and corporate misconduct.

The episode centred around CBA insurance arm, CommInsure, failing to pay medical claims by relying on outdated medical definitions.The claims were supported by a senior CBA whistleblower, Dr Benjamin Koh.

Mr Narev was called to attend the hearing in relation to CBA’s treatment of Dr Koh following his efforts to advocate for ethical customer outcomes.  Dr Koh was dismissed by the CBA.

The Sydney Morning Herald reported on Mr Narev refusal to attend the hearing:

http://www.smh.com.au/business/banking-and-finance/cba-accused-of-bullying-as-regulator-apra-asked-to-prosecute-bank-staff-20160506-goo0ww.html

The CommInsure was another example of the CBA serious, systemic misconduct and of the bank putting profit before people, adding to the already strong argument for a Royal Commission into the banking and finance sector.

Ian Narev is of particular interest to the Bankwest class action team, as it is understood Mr. Narev was behind the negotiations at CBA when they acquired Bankwest in late 2008.

Mr Narev had published this fact on his corporate biography until he curiously removed reference to this large transaction, at the same time allegations began to surface of systemic misconduct towards commercial loan customers post-acquisition.

Ian Narev is now the Chief Executive Officer of the Commonwealth bank of Australia (CBA).

CBA Named in Rate Rigging Class Action

Rate rigging: ANZ, NAB confirm US class action over alleged BBSW manipulation

Updated 18 Aug 2016, 2:34pm

ANZ and NAB have both confirmed they are among 17 banks and two international broking houses named in a class action relating to the alleged rigging of the bank bill swap rate (BBSW) and bank trading in the United States

http://www.abc.net.au/news/2016-08-18/anz-nab-bbsw-us-class-action/7763178