CBA boss apologises for Storm fiasco
The head of the Commonwealth Bank, Ralph Norris has apologized to those affected by the collapse of the North Queensland based investment advisory firm, Storm Financial.
Chief executive officer Ralph Norris last night told a Senate committee looking into Storm’s activities that the Commonwealth Bank was committed to reaching an agreement with more than 2,000 affected clients.
“To those of our customers who have been impacted by shortcomings on our part, I’m sorry and apologise to them on behalf of the Commonwealth Bank,” he said.
The hearing came as national law firm Slater & Gordon today announced they had had settled claims against the Commonwealth Bank of Australia (CBA) on behalf of more than 50 clients who borrowed from the bank to invest in schemes promoted by the failed financial planning company, Storm Financial.
Mr Norris says the Bank’s was committed to helping as many of its customers as quickly as it could and to expedite offers and reach a settlement.
“Approximately 100 offers of settlement are currently being considered by our clients and we have reached a resolution for 53 customers,” he said.
Mr Damian Scattini, Slater & Gordon Practice Group Leader, said each claim had been assessed on its merits and had taken into account the bank’s lending practices at the time of the loan.
“During the settlement negotiations we have concentrated on the individual circumstances of each person, the strength of their legal claims and the impact on them at both the time of the loan and now.”
Mr Graham Abbott from the Sunshine Coast invested $500,000 through Storm and is one of the first clients to have his claim settled.
“While we have not walked away from the negotiations debt free we are much better off than we were last week,” Abbott said.
“Both my wife and I are now able to put the disaster behind us and get on with living our lives.”
The head of the Commonwealth Bank, Ralph Norris has apologised to those affected by the collapse of the North Queensland based investment advisory firm, Storm Financial.
Chief executive officer Ralph Norris last night told a Senate committee looking into Storm’s activities that the Commonwealth Bank was committed to reaching an agreement with more than 2,000 affected clients.
“To those of our customers who have been impacted by shortcomings on our part, I’m sorry and apologise to them on behalf of the Commonwealth Bank,” he said.
The hearing came as national law firm Slater & Gordon today announced they had had settled claims against the Commonwealth Bank on behalf of more than 50 clients who borrowed from the bank to invest in schemes promoted by the failed financial planning company, Storm Financial.
Mr Norris said the bank was committed to helping as many of its customers as quickly as it could and to expedite offers and reach a settlement.
“Approximately 100 offers of settlement are currently being considered by our clients and we have reached a resolution for 53 customers,” he said.
Damian Scattini, Slater & Gordon practice group leader, said each claim had been assessed on its merits and had taken into account the bank’s lending practices at the time of the loan.
“During the settlement negotiations we have concentrated on the individual circumstances of each person, the strength of their legal claims and the impact on them at both the time of the loan and now.”
Graham Abbott from the Sunshine Coast invested $500,000 through Storm and was one of the first clients to have his claim settled.
“While we have not walked away from the negotiations debt free we are much better off than we were last week,” Abbott said.
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