Commonwealth Bank admits “shortcomings” in handling of Storm Financial clients

Commonwealth Bank, one of the main lenders to customers of collapsed financial planning group Storm Financial, has admitted there were shortcomings in the way it dealt with some Storm customers. “The Bank acknowledges that the position in which some Storm Financial clients find themselves, while not caused directly by the Bank, involves the Bank to […]

James Thomson 18 June, 2009

Commonwealth Bank, one of the main lenders to customers of collapsed financial planning group Storm Financial, has admitted there were shortcomings in the way it dealt with some Storm customers.

“The Bank acknowledges that the position in which some Storm Financial clients find themselves, while not caused directly by the Bank, involves the Bank to some degree,” it said in a statement.

The bank is now likely to try to come to settlements with 2500 Storm clients who borrowed money through CBA.

About the author

James Thomson

James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.