Commonwealth Bank Denies FSU Allegations

15 April 2003

The Commonwealth Bank strongly denies the allegations made by the FSU in relation to employment contracts offered to staff in Premium Financial Services (PFS).

The Bank denies any claim that it has acted in a misleading and deceptive manner.

The Bank will defend its right to offer employees in PFS CommSec contracts, on a voluntary basis, under an agreement certified by the Australian Industrial Relations Commission. Employees in Premium Financial Services can remain on their existing terms of employment if they choose.

As the matter is before the Federal Court tomorrow, it is not appropriate that the Bank make any further comment.