Australia to Expose Banking Secrets
The Commonwealth Bank of Australia failed to keep sensitive material under wraps. A former judge investigating the industry rejected its application.
Former high court judge Kenneth Hayne, charged with investigating the banking and financial services industry in Australia, rejected a request by the bank to keep key information secret, according to a report by «The Australian» (behind paywall).
Hayne agreed to keep parts of an employee statement over an insurance product under wraps, but not the bank's internal communications or those with the Australian Securities and Investments Commission, who pursued the Commonwealth Bank over the matter.
Expensive Interference
The bank eventually refunded more than 65,000 customers approximately 10 million Australian dollars, after selling them unsuitable consumer credit insurance.
While the CEO's and chairs of the largest banking groups have accepted the misconduct inquiry will go ahead they believe the exercise will be a costly and unnecessary distraction.
