16 Jul, 2014
Australian government covers up CBA bank scandal
Following a damning report on losses of life savings by customers of the Commonwealth Bank of Australia (CBA)—one of the country’s big four banks—the Abbott government is working closely with the management to protect the bank. At the same time, it is trying to push through new financial advice regulations that will lead to even greater ripoffs being suffered by small investors.
The 519-page report tabled by the Senate Economics References Committee examined the operation of the Australian Securities and Investments Commission (ASIC), the government’s corporate regulator. The report revealed that more than 1,000 CBA clients, including self-funded retirees, lost their savings because the bank’s financial planning companies not only misled them into buying high-risk products but also fabricated documents, doctored clients’ files and forged signatures.
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