Narev defends Deloitte’s CommInsure process
Commonwealth Bank chief executive, Ian Narev, has defended the independence and validity of the Deloitte Report into CommInsure’s claims handling procedures.
Appearing before the House of Representatives Standing Committee on Economics review of the four major banks, Narev acknowledged, however, that Deloitte represented a major service provider to the Commonwealth Bank.
He said he was satisfied with the independence of the Deloitte review because of Deloitte’s standing in the market.
Narev said Deloitte’s reputation for independence was on the line and noted that the process had not been questioned by the regulator, the Australian Prudential Regulation Authority (APRA).
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