Pressure on ASIC over CBA fraudDateJune 18, 2013 Read laterAdele...

Pressure on ASIC over CBA fraud

DateJune 18, 2013
Read later
Adele Ferguson
A group specialising in financial disputes has called on the corporate regulator to reopen all settlements for Commonwealth Bank planners where fraud has been proven or where they failed to investigate strong allegations of fraud.

The group, Financial Resolutions Australia, believes clients of the bank's financial planning arm may have a claim against ASIC under the Scheme for Compensation for Detriment caused by Defective Administration (CDDA Scheme).

In a statement, it said losses caused by ASIC's failure to act were ''significant'' and might affect thousands, many of them retirees.


Read more: http://www.smh.com.au/business/pressure-on-asic-over-cba-fraud-20130617-2oegh.html#ixzz2WT31a500