Commonwealth Bank welcomes the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, and all 76 of its recommendations.
The recommendations are the result of a comprehensive and detailed inquiry, and we are taking steps towards implementing all those that apply to our business.
Today we provide an update on all the actions underway and those we will take in the future to deliver on the recommendations.
We are implementing the Royal Commission recommendations with full transparency to the community, and will issue regular updates on our progress.
Commonwealth Bank’s Royal Commission Implementation Taskforce will be chaired by Deputy Chief Executive Officer, David Cohen.
Many of the recommendations require direct changes to our business and are already underway. Some of the recommendations will require action by Government, regulators and industry bodies before we can implement them. We will support this work and are already considering what changes we will need to make ourselves, so that once the regulatory framework is in place, we are ready to act.
The immediate actions we are taking will ensure we are putting our customers first and that we continue to strengthen our governance to become a better organisation.
Re-disseminated by The Asian Banker