The Australian Prudential Regulation Authority (APRA) has confirmed it is looking into the ways in which a Commonwealth Bank whistle-blower was treated and whether any regulations were breached.
In an opening statement to the Parliamentary Joint Committee inquiry into the life insurance industry, APRA member, Geoff Summerhayes made direct reference to the regulator’s work around CommInsure including the fact that APRA had met with the whistle-blower who brought the issues to light.
He said in that context that APRA was “considering whether the whistleblowing provisions of the Life Insurance Act designed to prevent the identification and victimisation of whistle-blowers have been adhered to”.
“We are seeking independent advice on these matters in order to conclude our current inquiries,” Summerhayes said.
On the question of the controversies which last year surrounded CommInsure, Summerhayes said APRA had engaged with the board and senior management of CommInsure “to gain assurance over the robustness and completeness of the independent reviews commissioned to investigate the allegations, and ensure that stakeholder and community expectations are considered through this process”.
“APRA has met with the independent reviewers and these reviews are now complete,” he said.
“APRA is satisfied that the reviews are robust, complete and independent. APRA now will focus on CommInsure’s implementation of the reports’ recommendations.”
