Published: November 20, 2018
Reserve Bank governor condemns prioritising of ‘sales over service’ after Matt Comyn’s admission Commonwealth Bank did just that
The Reserve Bank governor has called for harsher penalties for bankers who do the wrong thing, on a day when the Commonwealth Bank’s chief executive admitted he may have to extend a remediation program to cover hundreds of thousands more customers.
Matt Comyn told the commission an internal review had identified 374,00 customers who might need to be repaid because they had taken out credit card insurance when they ineligible to do so. He also admitted decisions by CommInsure to update definitions of medical conditions had left some customers who suffered heart attacks without insurance cover.
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