CBA sets up mediation for Storm clients

The Commonwealth Bank and lawyers acting for clients of the failed north Queensland financial planning group Storm Financial have urged all bank customers who have been caught up in the collapse of Storm to come forward and participate in a mediation process to review and decide on compensation claims.

Around 75 CBA customers represented by lawyers Slater & Gordon will have their cases dealt with through a pilot resolution process.

A former High Court judge, Ian Callinan, has been brought in as an independent arbitrator to make binding decisions on any case that cannot be settled through the initial review stage.

The Commonwealth Bank will pick up any costs involved in the mediation process. Commonwealth's chief executive, Ralph Norris last week committed the bank to making good any wrongs that could be clearly laid at the bank's door.

Source: The Age