Editing Commonwealth Bank (section)

===2008 financial planning scandal===
In October 2008, former CBA financial planner [http://www.abc.net.au/news/2018-06-29/jeff-morris.jpg/9921310 Jeff Morris] alleged to the [[Australian Securities and Investments Commission]] (ASIC) and subsequently a Senate Inquiry, the extent of the misconduct of CBA's financial planning arm, Commonwealth Financial Planning Limited (CFPL), but it was not until 16 months later that ASIC would launch an investigation.<ref>{{cite news|work=[[Australian Financial Review]]|title=The man who blew the whistle on CBA|url=http://www.afr.com/p/business/financial_services/the_man_who_blew_the_whistle_on_gXRai1FAdK3vNJAKv22z0N|access-date=15 July 2014|date=28 June 2014|first1=Clancy|last1=Yeates|first2=James|last2=Eyers|url-status=dead|archive-url=https://web.archive.org/web/20140701095502/http://www.afr.com/p/business/financial_services/the_man_who_blew_the_whistle_on_gXRai1FAdK3vNJAKv22z0N|archive-date=1 July 2014}}</ref> "There was forgery and dishonest concealment of material facts," the Senate Inquiry found in its report.<ref>{{cite book|title=Performance of the Australian Securities and Investments Commission|url=http://www.aph.gov.au/parliamentary_business/committees/senate/economics/asic/final_report/~/media/committees/senate/committee/economics_ctte/asic/final_report/report.pdf|date=26 June 2014|publisher=[[Parliament of Australia]]|archive-url=https://web.archive.org/web/20140630093718/http://www.aph.gov.au/parliamentary_business/committees/senate/economics/asic/final_report/~/media/committees/senate/committee/economics_ctte/asic/final_report/report.pdf|archive-date=30 June 2014|url-status=live|access-date=15 July 2014}}</ref> They concluded a Royal Commission or Judicial Inquiry as it was deemed ASIC lacked the investigative powers required to uncover the full extent of the allegations.<ref>{{cite news|title=Senators demand inquiry into CBA|url=http://www.smh.com.au/business/senators-demand-inquiry-into-cba-20140626-3awgo.html|access-date=15 July 2014|work=[[The Sydney Morning Herald]]|date=27 June 2014|first1=Adele|last1=Ferguson|first2=Ben|last2=Butler|authorlink1=Adele Ferguson}}</ref> A week following the Senate Inquiry, CEO Ian Narev publicly apologised while announcing a compensation scheme.<ref>{{cite news|work=[[The Sydney Morning Herald]]|title=CBA sorry 'too little, too late'|url=http://www.smh.com.au/business/banking-and-finance/cba-sorry-too-little-too-late-20140703-3bbhy.html|date=4 July 2014|first1=Adele|last1=Ferguson|authorlink1=Adele Ferguson|first2=Ben|last2=Butler|access-date=15 July 2014}}</ref> Former CEO Ralph Norris also conceded that he was aware of problems within CFPL acknowledging the presence of rogue financial planners but rejected the assertion of a conspiracy to cover it up.<ref>{{cite news|title=Former CBA boss Norris blames scandal on 'rogues'|url=http://www.smh.com.au/business/former-cba-boss-norris-blames-scandal-on-rogues-20140713-3bv1g.html|first1=Jamie|last1=Freed|first2=James|last2=Eyers|access-date=15 July 2014|work=[[The Sydney Morning Herald]]|date=14 July 2014}}</ref> CBA has been criticised in the Senate for appointing Dr. Brendan French, who was the General Manager of Group Customer Relations before, as the head of the Open Advice Review program.<ref>{{Citation|title = Commbank CBA Brendal French - all mentions at Senate Inquiry|url = https://www.youtube.com/watch?v=kMNsQend2-Y|date = 2014-06-04|access-date = 2016-01-21|last = The Real Dr Brendan French}}</ref><ref>{{Cite news|title = CBA executive running compensation scheme moves to new role|url = http://www.smh.com.au/business/banking-and-finance/cba-executive-running-compensation-scheme-moves-to-new-role-20151127-gl9l1w.html|work = [[The Sydney Morning Herald]]|first = Clancy|last =  Yeates|date = 27 November 2015|access-date = 2016-01-21}}</ref> The CBA defended Dr. Brendan French successfully in a defamation lawsuit in 2015;<ref>{{Cite news|work=[[Australian Financial Review]]|title=CBA executive awarded $300,000 after 'hellish' bullying|first=Marianna|last=Papadakis|url=https://www.afr.com/companies/professional-services/cba-executive-awarded-300000-after-hellish-bullying-20151207-glhm8f|date=2015-12-07|access-date=2021-07-23}}</ref> the decision was a single judge decision and was not appealed after the defence was withdrawn.<ref>{{Cite web|date=2021-07-21|title=The Tragic Story of Brendan French|url=https://classlessactions.com/2021/07/21/what-levitt-robinson-did-to-brendan-french/|access-date=2021-07-23|website=Levitt Robinson Classless Actions|url-status=usurped|archive-date=July 23, 2021|archive-url=https://web.archive.org/web/20210723030306/https://classlessactions.com/2021/07/21/what-levitt-robinson-did-to-brendan-french/}}</ref> Criticism has also been leveled at the fact that Dr. Brendan French was formerly a member of the board of directors of the [[Financial Ombudsman Service (Australia)|Financial Ombudsman Service]] and is now working in CBA with respect to customer complaints.<ref>{{Cite web|url=http://fsi.gov.au/files/2014/08/name_withheld.pdf|last=Financial System Inquiry|title=Extension of unfair contract term protections to small business -submission|url-status=dead|archive-url=https://web.archive.org/web/20160126232837/http://fsi.gov.au/files/2014/08/name_withheld.pdf|archive-date=26 January 2016|date=6 June 2014|access-date=21 January 2016}}</ref>