Commonwealth admits to Storm mistakes
Commonwealth Bank chief executive Ralph Norris has broken his long running silence on the collapse of Townsville based advisor group Storm Financial. There were ‘mistakes' and ‘shortcomings' were made in giving margin loans to 2,500 Storm clients.
Norris suspended all loan repayments until August 31 and softened the settlement deals offered to Storm victims. "Our customers can be assured that where we have done wrong, we will put it right," said Norris.
More than 14,000 Storm clients have suffered share market losses. More than 3,000 clients have had their life savings wiped out or lost their homes.
Source: Herald Sun