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  • Posted July 25, 2014 by
    simon33
    Location
    Australia

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    CBA Names Callinan to Oversee Review Panel

     

    Former High Court judge, Ian Callinan, has been named to chair an independent review panel by the Commonwealth Bank of Australia. In response to a scathing Senate report, the CBA was required to create the review panel to investigate concerns exposed by the Senate.

    CBA's chief executive, Ian Narev, will overhaul the compensation program under Mr Callinan's advice "to ensure it fulfils its primary objective of supporting affected customers and guaranteeing an independent review of their cases."

    The bank has also increased program autonomy, stating that each customer would now be advised by an appointed “independent forensic expert” on “concerns about improper documents”.

    Other advisors in this process include an independent expert to oversee the entire program and publish reports periodically, and a customer advocate to council customers on the competence of CBA compensations.

    Many CBA customers are turning to compensation lawyers, like NSW Compensation Lawyers, to get the payments they deserve.

    In addition to Mr Callinan, CBA plans to appoint three more experts to the panel, allowing Mr Callinan some input on those candidates to ensure they are non-biased and qualified. As chair, he will review all compensation assessments brought forth by concerned customers.

    Mr Callinan's background includes, most recently, a High Court appointment by John Howard in 1998, serving until 2007. He was a conservative judge practising restrained constitutional judgements with thoroughness.

    Following retirement from the bench, he has chaired various inquiries. The most recent oversaw the equine flu outbreak in 2008. His experience also includes arbitration and mediation, as well as ad hoc judge of the International Court of Justice.

    Mr Narev shared in a statement that Mr Callinan "has demonstrated throughout his career an outstanding ability to understand complex problems from the perspective of their impact on the individual. His approach to justice and his determination for clear speaking and fair outcomes will set the benchmark for the operation of the Open Advice Review program."

     

    The independent review panel will study individual cases to determine if compensation is available and for how much. Any customer of Commonwealth Financial Planning and Financial Wisdom who received advice between September 1 2003 and July 2 2012 is eligible for a review.

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