History Of Commonwealth Bank Of Australia

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The history of Commonwealth bank of Australia goes back to 1911when the government laid the foundation of one of country’s major financial institutions. By 1970, the bank has branches all over the country, first bank to introduce Bankcard (1974) and continued upgrading itself through the use of latest computerized electronic systems. Today, the bank has 1010 branches all over the country with 3200 ATMs, over 3800 agencies and the online services provided by bank reaches over 2.5 million customers. (Anon., n.d.) The bank has four business divisions: (Anon., n.d.) • Retail banking services • Premium business services • Wealth management • International financial services The Commonwealth bank of Australia has received number of recognitions …show more content…

The main culprit in this case is Don Nguyen who was working as financial advisor at CFP. Jeff Morris, branch financial planner at CFP, along with other bank employees in 2010 sent an anonymous fax to ASIC about the fraud taking place and how that is being covered up by CBA. According to the report of inquiry by Senate, it is reported that Commonwealth Financial Planning Limited financial advisors’ were using unethical means to fulfil their own interests, they were neglecting their duties and most of the acts were under professional standards. Following are the main findings of the committee: (News, 2014) • The advisors of the company were doing illegal acts including the forging of customer signature, breach of their professional duties and unethical behaviour. • Australian securities and investment commission (ASIC) and Commonwealth Bank of Australia (CBA) were working together, supporting each other’s corruption. They did not take in account any fraudulent activity reports taking place at CBA. Due to this, financial advisors who were not even eligible to work at higher positions in the bank, continued working and one of them got promoted as well after he (Don Nguyen) was suspended. The bank has given 52 million dollars to more than 1000 customers as compensation so far. But according to Jeffery Morris, the whistle blower, this

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