Commonwealth Bank sets up independent review for financial planning customers

SYDNEY, July 3 Wed Jul 2, 2014 8:19pm EDT

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SYDNEY, July 3 (Reuters) - Commonwealth Bank of Australia said on Thursday it will set up an independent review programme for customers of its financial planning division, a week after a Senate committee report accused it of covering up misconduct that left thousands of its customers without their savings.

The report recommended an independent inquiry into the scandal and raised concerns about the bank's ability to compensate its customers fairly. The misconduct occurred between 2006 and 2010.

On Thursday, CBA said the review, with independent oversight, would deliver "fair and consistent outcomes" for customers of its financial planning division. (Reporting by Swati Pandey; Editing by Paul Tait)

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