The CBA has appointed a former chairman of APRA and 20-year veteran of the RBA as the independent expert for the bank's review of its poor financial advice practices.
Promontory Financial Australasia chief executive Dr Jeff Carmichael, who was the inaugural chairman of APRA, has been appointed to lead the independent expert team.
According to a statement by the CBA, Dr Carmichael will “review the processes of the Open Advice Review program and provide transparency by periodically reporting the outcomes of the program publicly”.
Dr Carmichael had a 20-year career with the RBA, served for seven years as professor of finance at Bond University and was formerly chairman of the Australian Financial Institutions Commission and the Queensland Office of Financial Supervision.
He will be joined on the independent expert panel by Promontory Financial Group chief executive and founder Eugene Ludwig and vice chair of Promontory's advisory board Mary Schapiro.
Mr Ludwig served under President Clinton as US Comptroller of the Currency – the head of the federal agency responsible for supervising the majority of US banking assets, said the CBA.
Ms Schapiro served as the 29th chair of the US Securities and Exchange Commission from 2009–2012, and oversaw the implementation of comprehensive new financial regulations aimed at improving protections for investors, said the statement.
CBA chief executive Ian Narev said the Open Advice Review program will give "support and comfort to those who want their advice reviewed".
"Jeff Carmichael, Eugene Ludwig and Mary Shapiro are all recognised as international experts on structure, design and effectiveness of regulatory process. Their monitoring and periodic reporting is crucial in delivering a program that will provide comfort and assurance to customers and others that the program is delivering an efficient, fair and consistent outcome," said Mr Narev.
"The appointment of Promontory Financial Group, following the appointment of retired High Court Justice Ian Callinan AC as Chairman of the Independent Review Panel, is a further practical demonstration of our commitment to an independent process for our customers," he said.
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