Commonwealth Bank chief executive Matt Comyn has vowed to step up the bank’s efforts to improve its culture, governance, and treatment of customers as it sets about making changes in response to the royal commission.
Appearing before the House of Representatives banking inquiry in Canberra, Mr Comyn provided fresh details on the bank’s response to the Hayne royal commission into misconduct in banking and financial services.
He also confirmed the bank had paid $1.4 billion in remediation over the past five years, and this amount had been paid by shareholders. Any further requirement on banks to pay out more compensation would also be worn by shareholders, Mr Comyn said in response to a question from committee chair Tim Wilson.
In the first appearance by a bank CEO in this round of hearings, Mr Comyn listed changes that had been put in place to focus more on customers. These included removing penalty interest for drought-stricken farmers, new features to help customers pay off credit card debt more quickly, and a review of past customer disputes.