Yesterday, CBA announced the appointment of retired Justice of the Queensland Court of Appeal Geoffrey Davies as deputy chairman of the Independent Review Panel, and the appointment of retired Justice of the Federal Court and the Victorian Court of Appeal Julie Dodds-Streeton as a panellist.
Mr Davies was previously chair of the Litigation Reform Commission, served as commissioner of the Queensland Public Hospitals Commission of Inquiry and was a member of the Queensland Health Reform advisory panel.
He has also been a leading senior counsel and solicitor-general for the State of Queensland.
In addition to her time as a trial judge and Justice of the Supreme Court of Victoria and judge of the Federal Court, Ms Dodds-Streeton served for more than 15 years on the Law Council’s Insolvency & Reconstruction Law Committee.
CBA also announced Fiona Guthrie has been appointed as a consultant expert advisor to the Independent Review Panel.
Ms Guthrie has had an extensive career as an advocate for consumers of financial services.
Currently, she is the executive director of Financial Counselling Australia and a member of the Australian Competition and Consumer Commission’s Consumer Consultative Committee.
CBA chief executive Ian Narev said the appointments reinforce the independence of the Open Advice Review program.
“We have worked closely with the Independent Review Panel Chairman, the Hon Ian Callinan AC, to identify high calibre panel members,” said Mr Narev.
Not only do the CBA neglect to hold anyone in management accountable for the the mess they have made, they are now throwing money at more levels of management to try to fix up the mess that management made in the first place. Then they are putting knee jerk ethical standards onto the advisers which means they have more hoops to jump through, a badly tarnished reputation and more managers who take no responsibility for letting it all happen in the first place.
CBA needs to educate all of the managers responsible for overseeing the financial advice at all levels in ethics make the KPI’s quality driven not sales driven. Management being rewarded for blindly chasing sales targets will ruin the industry and it has already set us back years.