Big Banks Paying for Customer Mistakes

I was reading in the Financial Review the other day how the Commonwealth Bank has paid over $52 million in compensation to 1000 customers who they say they ‘stuffed up’ with in regards to their Financial Advice.

ANZ, NAB and Macquarie Banks are also saying sorry to their customers following a Senate hearing.

Commonwealth Bank of Australia: Chief Executive Ian Narev admitted his bank was too slow responding to a scandal in its planning arm and a “painstaking “ investigation into past files would take all of this year and most of 2016 to resolve.