CBA's Bankwest burden fuels the allegation fire

Ian Narev has blamed his bank's financial planning scandal on 'poor advice' from a few individuals, but renewed allegations around CBA's Bankwest buy are potentially far worse and may not be so easily brushed aside.

The Commonwealth Bank’s response to the Senate investigation of ASIC blames incompetence and individuals for the scandals at Commonwealth Financial Planning Limited. Chief executive Ian Narev: “Poor advice provided by some of our advisers between 2003 to 2012 caused financial loss and distress and I am truly sorry for that.”

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