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Media Release

Update on Prudential Inquiry Remedial Action Plan

Update on Prudential Inquiry Remedial Action Plan

Commonwealth Bank of Australia (CBA) today released the Independent Reviewer, Promontory Australia’s, fifth and sixth reports into the progress of CBA’s Prudential Inquiry Remedial Action Plan.

The reports provide an update on actions CBA has taken to deliver the Remedial Action Plan (RAP). The Independent Reviewer noted CBA has made ‘solid progress’ and ‘remained on track’ to deliver the plan.

As of 31 December 2019, CBA has submitted on time to the Independent Reviewer all of the 107 milestones that were due. Of these, 82 milestones have been closed by the Independent Reviewer and assessment of the remaining 25 is underway.

Commonwealth Bank Chief Executive Officer Matt Comyn said: “While 107 of 173 milestones have been submitted, we do not underestimate the significant work ahead of us. As noted in the sixth report, we are responding positively and constructively to the challenges the Program involves.

“The Board and Executive Leadership Team remain engaged in overseeing the Program and ensuring the changes deliver better outcomes for our customers, our people and the broader community,” Mr Comyn said.

The reports can be accessed above and here

Important information

  • On 1 May 2018, APRA released its CBA Prudential Inquiry Final Report.
  • In June 2018, CBA’s Remedial Action Plan was approved by APRA. We report publicly on progress twice a year.
  • Promontory Australia is the Independent Reviewer and is providing APRA with quarterly progress reports.
  • As initially designed, the RAP consisted of 154 milestones. There are now 173 milestones. As reported by the Independent Reviewer, ‘these revisions and new milestones reflected an understanding and commendable awareness that a necessarily ambitious Program will achieve its outcomes only if it remains both practical and realistic’.