CBA leads on client satisfaction despite planning scandalsBY LAURA MILLAN | TUESDAY, 27 MAY 2014 12:10PMThe scandals in Commonwealth Bank's (CBA) financial planning unit have not affected its clients' satisfaction, which is the highest of the big four banks. Related News |
Editor's Choice
ASIC flags gaps in super fund valuations
ASIC has called for stronger scrutiny of unlisted investments after finding persistent weakness in how some superannuation funds and auditors assess asset valuations, raising concerns about the accuracy of members' retirement balances.
IMF sees inflation above RBA target through 2027
The International Monetary Fund (IMF) has projected Australia's inflation to ease to 3.1% in 2027 from 3.9% this year, leaving it outside the Reserve Bank of Australia's (RBA) target range of 2% to 3%.
Treasury consults shifting tax debts from victims to abusers
Treasury is consulting on extending the powers of the Australian Taxation Office (ATO) to strengthen its response to financial abuse.
Former adviser defies permanent banning orders
Former financial adviser Ezzat Daniel Nesseim has defied ASIC's permanent banning orders and is in the process of being prosecuted.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
The timing of this CBA satisfaction survey is important. It was conducted in March 2014, prior to the Senate Inquiry evidence regarding CBA's activities was given in April 2014, and prior to the airing of the 4 Corners program on the ABC on May 5th 2014, and prior to the resultant flooding of MPs with complaints from their constituents regarding CBA's activities. Perhaps a survey conducted after the Senate Inquiry releases its final report will be a more accurate gauge of how the community views CBA and its treatment of its customers who fell victim to its financial planning arm, CFPL. A full page apology from CBA management to its clients in both Fairfax and NewsCorp print media is long over due.