Bad Financial Advice and Loss of Trust from investors
Commonwealth Bank chief executive Ian Narev has apologised unreservedly to customers who lost money in the bank’s multi-million-dollar financial planning scandal. A Senate report found Commonwealth Bank customers lost hundreds of millions of dollars after financial planners put their clients’ money into high-risk investments without their permission.
Lawyers acting for victims of Commonwealth bank financial advisors have continued to criticise the review scheme announced by the bank which promised to examine the investments of all clients who request it.
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