CBA focused on ‘accelerating’ compensation scheme

The Commonwealth Bank is pushing hard to speed up its Open Advice Review (OAR) program and expects it will be completed in two years, according to chairman David Turner.

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by Reporter - November 19, 2015 0 comments

In a speech during the bank's AGM this week, Mr Turner said CBA's "sole focus" for the OAR program is to ensure customers get the "right answer" if they have not received the correct advice.

"It will take about two years to complete, and this is normal for a program of this size and complexity," Mr Turner said.

"Speed is at the forefront of our minds and the chief executive and his team are pushing ever harder to accelerate the process, but getting it correct is our first priority," he said.

Mr Turner also added that the bank has "learnt its lessons" from the financial advice situation.

Outlining the bank's long-term outlook, Mr Turner said CBA will be focusing on its "key long-term strategic priorities", which include productivity and technology.

"We will remain prudent," Mr Turner said.

"We will try our utmost to continue to deliver long-term value. Value for our customers, for our shareholders, for our people and for the broader community in which we operate."