{"id":90522,"date":"1999-12-31T00:08:00","date_gmt":"1999-12-30T13:08:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/cba-fraud-scandal-new-claims\/"},"modified":"1999-12-31T00:08:00","modified_gmt":"1999-12-30T13:08:00","slug":"cba-fraud-scandal-new-claims","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/cba-fraud-scandal-new-claims\/","title":{"rendered":"CBA Fraud Scandal: New Claims"},"content":{"rendered":"<p>A former Commonwealth Bank employee has rocked a Senate committee hearing about what he claims are failures in the bank&#8217;s program to compensate users affected by the activities of rogue financial adviser employees who engaged in forgery, fraud and cheating of customers.<\/p>\n<p class=\"p1\"><span class=\"s1\">Russell Phillips, a former assessor within the bank&#8217;s Open Advice Review program, claimed the program is unfair to clients and designed to minimise the compensation paid out to affected customers.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\"><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">&#8220;What the bank is trying to do is to lower the cost of its compensation,&#8221; Phillips said. He claimed the system is &#8220;not fair, it lacks integrity and apart from that it&#8217;s very opaque to outsiders.&#8221;<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\"><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Labor Senator Sam Dastyari&nbsp;said Phillips&#8217;&nbsp;revelation&nbsp;that CBA had not allowed&nbsp;assessors to talk to clients had left him &#8220;flabbergasted&#8221;. &#8220;At some point it has to stop being about the bank and needs to be about the victims,&#8221; Dastyari said.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\"><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Millions of dollars in personal investments are said to have disappeared after a CBA &nbsp;financial planner siphoned the money to a shady offshore investment vehicle.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\"><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A spokeswoman for CBA said:&nbsp;&#8220;We reject allegations presented to the Senate inquiry&nbsp;today and stand by the independence and integrity of the Open Advice Review program.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A former Commonwealth Bank employee has rocked a Senate committee hearing about what he claims are failures in the bank&#8217;s program to compensate users affected by the activities of rogue financial adviser employees who engaged in forgery, fraud and cheating of customers.<\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,26],"tags":[],"class_list":["post-90522","post","type-post","status-publish","format-gallery","hentry","category-archive","category-technology","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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