Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

CBA reputation ‘tarnished’: Narev

CBA chief executive Ian Narev has spoken frankly about the importance of consumer trust, following revelations about poor financial advice within the bank earlier this year.

Speaking at an American Chamber of Commerce lunch on Wednesday, Mr Narev said the topic of trust within financial services has been a “big topic of conversation at the CBA over past months”.

“Yes, the events have led to some of the adverse publicity we've had, [although] the actual actions of the [financial] advisers happened a few years ago,” he said.

“But we have seen first-hand how our management of them and how, many years later, the actions themselves can still tarnish the reputation of an institution."

The CBA takes the damage to its reputation “extremely seriously”, he added.

Advertisement
Advertisement

PROMOTED FEATURES


“Not actually because we're worried about what people might write or what people are going to say, because there are always going to be individuals who take potshots at any institution,” Nr Narev said.

“We're worried about it because we let down customers and in letting down customers, you undermine the trust that is so critical to a financial institution."

CBA announced this week that it has received registrations from approximately 4,200 customers seeking a review of their advice as part of the bank’s Open Advice Review program.

 

CBA reputation ‘tarnished’: Narev
mortgagebusiness

Latest News

La Trobe Financial’s chief investment officer has suggested that while Australia is suffering from a “molasses” economy due to COVID-1...

The auction market has recorded its highest combined capital city preliminary clearance rate since March, despite record-low auction volumes...

Fintech lender Lumi has announced plans to raise $20 million in capital to expand its team and market share over the next 12 months. ...

FROM THE WEB
podcast

LATEST PODCAST: How lenders are viewing the property price outlook

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.