The Honourable Ian Callinan was selected as chair of the ‘Open Review Program’ by CBA chief executive Ian Narev last week.
In a statement released on Friday, Mr Narev said Mr Callinan’s appointment to the role underscores that the ‘Open Review Program’ is about doing “what is right for affected customers”.
“This appointment is crucial to ensure the independence and integrity of the process,” said Mr Narev.
“The Honourable Ian Callinan has demonstrated throughout his career an outstanding ability to understand complex problems from the perspective of their impact on the individual,” he said.
“The Independent Review Panel will provide comfort to customers that if they disagree with the assessment, then independent and esteemed experts will determine the right outcome to which the Bank will be bound,” he added.
The CBA ‘Open Review Program’ comes after the Senate Economics References Committee tabled a report that recommended a Royal Commission to further investigate the advice failures.
Committee chair Senator Mark Bishop said that between 2006 and 2010, the management of CBA was “negligent” and ignored “wrongdoing”.
“There was inordinate delay in CBA recognising that advisers in Commonwealth FP were delivering bad advice,” the senator said.
