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Commonwealth Bank of Australia CEO Blames Predecessor for Insurance Mis-Selling

Commonwealth Bank of Australia Chief Executive Officer Matt Comyn has pinned the blame on predecessor Ian Narev for failing to stop promoting bank card insurance coverage that some shoppers couldn’t claim on.

Narev informed Comyn to “temper your sense of justice” when he recommended at a gathering in May 2015 that the financial institution scrap the product, the CEO stated Tuesday all the way through his 2d day of testimony at an inquiry into misconduct within the monetary gadget. At the time of the assembly, Comyn used to be in command of retail banking.

It used to be later printed the insurance coverage have been wrongly bought to 64,000 shoppers who have been ineligible to make claims, as a result of they didn’t meet the employment standards of the policy.

The Sydney-based lender put aside A$16 million ($11.7 million) to compensate shoppers just before Comyn changed Narev in April.


Copyright 2018 Bloomberg.

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