CBA says work to do on inquiry findings

SYDNEY: The head of Commonwealth Bank of

Australia says the lender still has plenty to do in response to the banking regulator’s damning findings of its systems and culture.

Chief executive Matt Comyn told the House of

Representatives economics committee that, after nine months of work, CBA was on track to tackle issues raised by the Australian Prudential

Regulation Authority which slammed the bank as complacent and blinded by profits.

‘‘But we recognise that we have significant work still to do to deliver our remedial action plan,’’ Mr Comyn told MPs yesterday, in the latest round of hearings into the big banks.

Mr Comyn’s appearance before the committee in Canberra is also the first by a bank CEO since the financial services royal commission’s damning final report into the sector earlier this year.

Westpac’s Brian Hartzer was also to appear yesterday, and NAB and ANZ will follow, on March 27.

The royal commission uncovered shocking evidence of misconduct and greed in the Australian financial sector, at the expense of customers and businesses.

Mr Comyn, who took charge in April 2018, just after the commission began its public hearings, told MPs he has appointed deputy CEO David Cohen to head a task force to implement Commissioner Kenneth Hayne’s 76 recommendations.

‘‘They are the result of a comprehensive and detailed inquiry and we are taking steps towards implementing all of those that apply to our business,’’ Mr Comyn said.

The lender issued a progress update on its responses, and Mr Comyn said the bank was trying to ensure it was ready to comply with those recommendations that first require action by government, regulators and industry bodies.

Mr Comyn became CEO when Ian Narev exited amid the moneylaundering scandal that prompted APRA’s inquiry. —

AAP