Edited by Christine A. Mallin
Chapter 8: Failure in corporate governance: financial planning and greed
AbstractThe revelations of malpractice in a financial planning arm of one of Australia’s oldest banks led to an unprecedented public apology, further government enquiries and calls for a Royal Commission. This raises questions about the way in which large financial institutions ensure compliance with the law, and how financial advice is provided. It has highlighted tension between revenue streams from customers and advice for customers, and gaps between the rhetoric of governance and its practices. It also points to shortcomings in interactions between the corporate regulator and large financial institutions. This is one part of an unfinished story of how Australia is bringing accountability to organizations that deal in other people’s money. The relevant entities are Commonwealth Financial Planning Limited (CFPL) which reported through Colonial First State (CFS) to the Commonwealth Bank of Australia (CBA).
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