http://www.copyright link/business/banking-and-finance/financial-service...

http://www.copyright link/business/...ue-soars-in-face-of-fofa-20180422-h0z3c3?btis

Fees for ongoing services at Commonwealth Financial Planning rose from 39 per cent between 2012 and 2015 to a record $102.9 million for the bank, according to a statement submitted by Commonwealth Private's executive general manager Marianne Perkovic.

One customer was refunded $82,149 as part of the compensation program. Nine more CBA customers were refunded more than $54,000, according to statement.

Ms Perkovic, who was admonished by both counsel assisting Mark Hodge and Commissioner Hayne for her circular responses to questions during two days of questioning, also reveals in her statement CBA "had no system of keeping a centralised record" of annual reviews the bank was charging customers for.

"The record-keeping deficiencies referred to above made it difficult, when the remediation process was being undertaken some years later, to know whether a review had been conducted but not appropriately documented or whether a review had not been conducted at all," the statement reads.