The Australian Prudential Regulation Authority is the latest regulator to line up Commonwealth Bank in its crosshairs, launching an inquiry into the lender a series of issues it says have prompted concerns about governance, culture and accountability.
* FINANCIAL PLANNING
The bank has offered $31 million to date in compensation to customers who lost out as a result of its poor financial advice or incorrectly imposed fees.
CBA received 22,797 expressions of interest from customers concerned about their treatment between September 2003 and July 2012.
* COMMINSURE
Commonwealth Bank's insurance arm was in 2016 accused by its former chief medical officer of pressuring doctors to alter medical opinions so it could deny life insurance claims.
The corporate watchdog this year cleared CommInsure - which has since been put up for sale - of pressuring doctors and altering documents but said some of its practices were "clearly out of step with community expectations".
* REMUNERATION
Shareholders delivered a so-called "first strike" against the bank's executive pay policy at the 2016 AGM, with nearly 49 per cent voting against the remuneration report in protest against the scandals.
* AUSTRAC ALLEGATIONS
The federal government's financial intelligence unit filed civil proceedings in the Federal Court on August 3 alleging CBA breached money-laundering and terrorism-financing laws due to a failure to provide on-time reports in more than 53,000 transactions.
ASIC is looking at whether the bank breached the Corporations Act or its continuous disclosure obligations by not making the 2015 incidents public, while a potentially huge shareholder class action is in the pipeline and now APRA is concerned.
* INSURANCE
Commonwealth Bank will refund about $10 million to more than 65,000 customers after selling them unsuitable consumer credit insurance with credit cards, personal loans, home loans and car loans..
The bank is also refunding about $586,000 in premiums after overinsuring about 10,000 customers against their Commonwealth Bank home loan.
