It seems ASIC and the Director of Public Prosecutions will have no lack of evidence to pursue civil penalties and criminal cases. The bigger issue is what charges to go with.
Rowena Orr QC rebuked banks on the first day of the Royal Commission for failing to provide specific documents.
Eddie Jim/AAP
Research shows that cash bonuses are responsible for many recent financial scandals. The alternative isn’t that great either.
It’s possible that CBA’s willingness to admit as much of its conduct as it has, signals the bank might resolve the class action through a settlement.
Dean Lewins/AAP
The CBA’s response to AUSTRAC’s claims means shareholders will be assisted in part of their class action claims, but a lot still needs to be proved.
APRA’s independent inquiry panel member, John Laker, who is also chairman of the Banking Finance Oath initiative, will be one of the ones holding the CBA to account.
DAN HIMBRECHTS/AAP
One scandal at the CBA stands out above all others, It set the scene for how the CBA board would handle future scandals, that is to obfuscate, prevaricate and litigate.
In the case of CommInsure, the treatment of the Chief Medical Officer, Benjamin Koh, seemed designed to send a message to other bank staff – keep your head down, or else!
Dave Hunt/AAP
Without clear support for whistleblowers in the terms of reference for the inquiry into CBA’s corporate governance, the conclusions will inevitably be tainted.
APRA chairman Wayne Byres says the inquiry will provide the CBA with change recommendations.
Mick Tsikas/AAP
The APRA inquiry puts the regulator in the tricky position of trying to be seen to be tough on bank scandals but juggling its close relationship with the government and the CBA.
Amid a sea of troubles – including the premature loss of their CEO and a money-laundering scandal – the CBA is facing a shareholder lawsuit.
AAP Image/Dave Hunt
A new lawsuit against the CBA puts climate change in a new legal light: a financial hazard. The case opens up fresh lines of attack on institutions that contribute to climate change.
The Australian Transactions Reports and Analysis Centre (AUSTRAC) has launched civil proceedings accusing the CBA of being complicit in money laundering.
Dan Peled/AAP
Despite a media statement announcing that Commonwealth Bank of Australia (CBA) and Queensland Treasury Corporation (QTC) have created the first government bond using the blockchain (dubbed the “cryptobond…
The ACCC has blocked the big four banks from bargaining with Apple for more control over Apple Pay.
Damir Sagolj/Reuters
The banks could have used their collective bargaining power not only against Apple for Apple Pay but also stall the adoption of mobile payments in Australia.
ASIC has been highly critical of some of the practices of Australia’s big four banks.
Britta Campion/AAP
An ASIC report detailing how financial advice was paid for but not given by Australia’s big four banks exposes a culture problem that the government needs to deal with.
Commonwealth Bank chief Ian Narev was the first to appear before a parliamentary committee inquiring into the practices of the big four banks.
Lukas Coch/AAP