The Commonwealth Bank has announced it will provide compensation to victims of its poor financial advice.
“As a responsible corporate citizen, the Commonwealth Bank decided many years ago to put aside money in case of such an eventuality,” said Commonwealth Bank boss Ian Narev.
Mr Narev acknowledged, however, that the bank’s customers may not receive as much compensation as they hope.
“Unfortunately the bank relied on advice from its own financial planners when working out how much money should be put aside for compensation payments.”
“We realise now that the sum they suggested is nowhere near enough.”
Mr Narev said that due to the poor advice it received from its own financial planners, the bank was not only a victim of the Commonwealth Bank financial planning scandal but “the first victim”.
“Obviously we will be seeking compensation from ourselves as a matter of priority,” said Mr Narev.
The bank boss said that he could not quantify how much money the Commonwealth Bank would be seeking, other than to say it was likely to be “in the low billions”.
Mr Narev promised to pay compensation to other financial planning victims once its own losses were met.
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