3 July 2014
Media Release - #2014025, 2014

Statement on Commonwealth Bank announcement

We welcome the announcement of the Open Advice Review Program by CBA today.

It is also appropriate, indeed it was necessary, that CBA CEO Ian Narev answered questions raised by the recent Senate Economics Committee inquiry in a comprehensive press conference.

Beyond the policy issues and the issues for ASIC raised by that inquiry, the most important focus for the Government has been and continues to be on achieving a satisfactory resolution of any outstanding and unresolved legitimate issues for aggrieved CBA customers as efficiently and as effectively as possible.

The CBA's Open Advice Review Program offers that opportunity.

The Government will monitor implementation of the Open Advice Review Program as we finalise our response to all 61 recommendations of the Senate Economics Committee Report.