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Media Release

Commonwealth Bank recognises progress on banking industry reforms

CBA recognises progress on banking industry reforms

Mr Ian McPhee today released the second quarterly report into industry progress on new initiatives to protect customer interests and build trust and confidence.

Commonwealth Bank is pleased with the progress made by the banking industry in addressing important reform initiatives, as highlighted in Mr Ian McPhee’s second quarterly progress report released today.

The report shows the progress the banking industry has made in addressing the six reform initiatives announced by the Australian Bankers’ Association in April this year. It also highlights the significant amount of work which has already been undertaken by the industry to build trust and confidence in banks.

Matt Comyn, Group Executive Retail Banking Services, said that CBA has been working with the industry to ensure that issues in the industry are being addressed.

“Today’s update from Mr McPhee highlights the action the industry has already taken to improve customer outcomes,” Mr Comyn said.

“We are making long term change that will benefit our customers and increasing transparency around the action we’re taking. In recent months we’ve announced the establishment of a customer advocate function, which is improving our focus on customers.

“These reforms are substantial and complex. It’s pleasing to see real progress being made and we will keep working to ensure we raise standards to better meet community expectations,” Mr Comyn said.

Today’s report shows the progress made in a number of areas including: outlining customer advocate guiding principles, improving reference checking and information sharing to ensure only competent and ethical financial advisers are appointed, establishing whistleblower guiding principles for consultation and the ongoing review of product sales commissions and product based payments.

Commonwealth Bank announced the establishment of its Customer Advocate function in August. The function will ensure a more customer-centric focus across the bank, including advocating for better customer outcomes, taking action where there is potential for customer concerns to arise and remediating customers in a quality and consistent way when things do go wrong.  

More information and a copy for the report is available at