CBA appoints international experts to review panel
A former Clinton Administration adviser and an ex-US Securities Exchange Commission chair will be part of the independent expert panel reviewing Commonwealth Bank's Open Advice Review program.
CBA announced that Promontory Financial Group had been appointed to review the program, after the back accepted conditions imposed by the Australian Securities and Investments Commission on its financial planning arms, following the failure of its compensation program for clients.
Promontory Financial Australasia chief executive, Dr Jeff Carmichael, has been appointed to lead the team that will review the program's processes, transparency and report on the outcomes.
Eugene Ludwig, who served as US Comptroller of the Currency, under the Clinton Administration, and Mary Schapiro, the 29th chair of the US Securities Exchange Commission, have also been named as members of Promontory's expert panel.
CBA chief executive, Ian Narev, said the Open Advice Review program would provide customers of Commonwealth Financial Planning and Financial Wisdom, who were affected by the scandal that enveloped the bank's financial planning arms, with "support and comfort".
"Jeff Carmichael, Eugene Ludwig and Mary Schapiro are all recognised as international experts on structure, design and effectiveness of regulatory process," he said.
"Their monitoring and periodic reporting is crucial in delivering a program that will provide comfort and assurance to customer and other that the program is delivering an efficient, fair and consistent outcome."
AUTHOR
Nicholas O'Donoghue
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
