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On The Record

CBA comments on Interim Sedgwick Review Report

CBA comments on Interim Sedgwick Review Report

Matt Comyn, Group Executive Retail Banking Services, comments on Mr Stephen Sedgwick’s issues paper from his independent review into commissions and payments made to bank employees.

Group Executive Retail Banking Services Matt Comyn said:

"At Commonwealth Bank, we believe that customers have the best outcome when they are supported by our employees to help secure and enhance their financial wellbeing. That’s why in recent years we have changed the way we reward our people to better focus on meeting the needs of customers. 

"For example, we’ve changed the way bonuses are paid to Commonwealth Bank branch staff by removing any direct link to the number or value of products they sell and the bonus they receive. This means our customers can be confident that our branch staff are not being paid to sell them products they may not need. 

"We understand that there is always more we can do, and that is why we have been actively participating in the independent review by Mr Sedgwick, as part of the banking industry reform package announced last year to protect consumer interest, increase transparency and accountability and build trust and confidence in banks. 

"We thank Mr Sedgwick for the thorough manner in which the review is being undertaken and we will carefully consider the points raised in his draft paper and continue to contribute to the ongoing review."