Banks Are Digging Themselves a Deeper Hole on Trust

21. March 2018.

Matt Comyn, who runs CBA’s retail bank but is set to take over as chief executive from Ian Narev next month, wrote to staff last Friday to warn that this week the commission would highlight cases where “customers have been treated unfairly by us”.

In the hot seat was CBA executive general manager of retail products Clive van Horen.

Under counsel assisting, Rowena Orr’s questioning, Mr van Horen said there were multiple campaigns to encourage staff to meet consumer credit insurance performance targets.

These included bonus payments for selling insurance above targets, and prizes such as iPads, iPhones, JB Hi-Fi vouchers and “social fund” to go towards a team of staff for selling the most insurance in a particular period.

He said individual-based sales campaigns were scrapped in 2014, in favour of team-based or branch-based campaigns.

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