Labor Senator Katy Gallagher said in a statement that Prime Minister Malcolm Turnbull’s protection of the banks and his failure to call a royal commission into the banks is allowing CBA to brush off the CommInsure scandal with a ‘nothing to see here’ report.
“Publishing a report without interviewing a single customer is simply inadequate and offensive to the victims of this scandal,” Ms Gallagher said.
“Labor will continue to fight for a royal commission because we know it is the only way to shine a light on the misconduct and cultural issues in the banks that have led to thousands of Australians, including small businesses, being ripped off or treated unfairly by them.
“Malcolm Turnbull needs to stop protecting the banks and do what is in the interests of the Australian banking consumers and establish a royal commission.”
Also, Maurice Blackburn superannuation and insurance principal Josh Mennen said the law firm has concerns around how comprehensive the review has been, as it confirms that no customers have been interviewed as part of the investigation.
Further, Mr Mennen noted that no claims staff were interviewed as part of the review.
“The terms of reference for this report appear to have been very carefully limited to ensure an outcome that does not fully account for what was clearly a dark period within CBA,” he said.
“While we welcome CBA releasing more information with respect to CommInsure’s claims handling, it is disappointing to see that this continues to show a failure from the organisation to learn from the mistakes of the past in acknowledging poor claims handling and treatment of members.”
Katy Gallagher should be careful what she wishes for. Any investigation of the so called “Comminsure scandal” is likely to question why her union official comrades at places like REST and Care (where most of the claims issues have come from) chose a cheap and nasty wholesale Comminsure product for their members. If those same union officials claim they “didn’t understand the implications” then they clearly don’t have the basic financial knowledge needed to be fund trustees.
Labor politicians wont be happy until the only super option available to people is a Union Super Fund.
of course she found it offensive – that’s because she didn’t get what she hoped for! The Financial Planning industry needs to be very careful in what they wish for here as we are all being played for political points and nothing more – this Labour hack has no interest in the clients and if she did they would have managed FOFA a hell of a lot better when they were in power – all they did is made it more expensive and less accessible to people who need advice the most yet here she is wanting the bank to waste more money on investigations which is all passed back on to the end user
Wow, who would think that a CBA paid for review into limited areas they have reviewed has said there are no problems ? Amazing – NOT.