CBA acknowledges proceedings commenced by ASIC

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    Thursday, 1 April 2021 SYDNEY: Commonwealth Bank of Australia (CBA) acknowledges that civil
    proceedings have been brought by the Australian Securities and Investments Commission (ASIC) in the
    Federal Court against CBA alleging contraventions of certain misleading and deceptive conduct
    provisions of the ASIC Act and breaches of the general obligations owed by financial services licensees
    under the Corporations Act.
    The proceedings relate to errors by CBA where monthly account fee waivers were not applied to accounts
    for certain customers between 1 June 2010 and 11 September 2019. CBA accepts these errors should
    not have occurred and has provided several breach reports to ASIC in relation to these issues. ASIC does
    not allege that any of the contraventions were deliberate. CBA has co-operated fully with ASIC during its
    investigation, however it does not accept the way that the alleged contraventions have been formulated in
    the proceedings and therefore will defend the matter.
    CBA apologises to all customers impacted by these issues. Remediation payments of $64.2m (including
    interest) have been sent to customers. Of the total remediation payments approximately 90% related to
    two fee waiver issues that were identified in 2017 and 2019.
    The remediation of customers affected by the issues in these proceedings has been completed. CBA
    continues to invest in strengthening its systems and procedures.

    courtesy of Bell Direct
    =============================================================================================================

    DYOR

    i do not hold this share ( but have exposure via various LICs and ETFs

    1 like
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    Completion of divestment of Australian life insurance business
    Thursday, 1 April 2021 SYDNEY: Commonwealth Bank of Australia (CBA) today announced that the divestment
    of its Australian life insurance business (CommInsure Life) has been completed via a statutory asset transfer to AIA
    Australia Limited.
    CBA has now received approximately $2.4 billion of aggregate proceeds in relation to the divestment of CommInsure
    Life, including the receipt of the final instalment of approximately $100 million.

    courtesy of Bell Direct
    =============================================================================================================

    DYOR

    i do not hold this share ( but have exposure via various LICs and ETFs

  3. 77.9k
    Posts

    CBA acknowledges Fair Work Ombudsman proceedings

    Monday, 11 October 2021 SYDNEY: Commonwealth Bank of Australia (CBA) acknowledges that today
    the Fair Work Ombudsman (FWO) commenced civil penalty proceedings in the Federal Court against
    CBA and Commonwealth Securities Limited (CommSec), alleging contraventions of the Fair Work Act.
    CBA and CommSec acknowledge that any instance of employees not being paid their correct entitlements
    is unacceptable. A comprehensive remediation program has been underway since early 2018 to identify
    and address a number of issues dating back to 2010. The employee entitlement issues were self-reported
    to the FWO and publicly disclosed from early 2019. In response to these issues, systems and processes
    have been strengthened and CBA and CommSec have not offered any new Individual Flexibility
    Arrangements for more than two years.
    CBA and CommSec have cooperated fully with the FWO’s investigation. CBA and CommSec will continue
    to engage constructively with the FWO to seek to resolve these proceedings.
    The payment of remediation to impacted employees is substantially complete. The FWO has conducted
    an extensive review of the remediation. CBA believes no further compensation payments will need to be
    made to employees who are the subject of these proceedings once the existing payments are completed.

    courtesy of Bell Direct
    =============================================================================================================

    DYOR

    i do not hold this share ( but have exposure via various LICs and ETFs )

    1 like
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