Mr Cormann said it was necessary that CBA chief executive Ian Narev answered questions raised by the recent Senate Economics Committee inquiry in a “comprehensive press conference”.
“Beyond the policy issues and the issues for ASIC raised by that inquiry, the most important focus for the government has been and continues to be on achieving a satisfactory resolution for any outstanding and unresolved legitimate issues for aggrieved CBA customers as efficiently and as effectively as possible,” Mr Cormann said.
“The government will monitor implementation of the Open Advice Review Program as we finalise our response to all 61 recommendations of the Senate Economics Committee Report,” he said.
Labor Senator Sam Dastyari told the ABC yesterday that the process is a “step in the right direction” but it will uncover a lot more people who may not realise that they have been “ripped off”.
“There’s still a fundamental problem here in that all we are talking about is, how do you rectify some of the problems of the past,” Mr Dastyari said. “We are not talking about how we can stop this from ever happening again.”
CBA chief executive Ian Narev announced a broad remediation program and independent review to “deliver fair and consistent outcomes for customers”.
Mr Narev explained that the aim of the bank’s compensation program will be to “put customers back in the position they would have been in had they received suitable advice”.
