Commonwealth Bank has vowed to co-operate with ongoing investigations into Australia's beleaguered superannuation sector in its initial response to Kenneth Hayne's Royal Commission report.
CBA chief executive Matt Comyn said on Monday evening the company was working through Mr Hayne's findings and 76 recommendations, but acknowledged there was a 'clear need for change'.
He pledged to support financial regulators investigating alleged breaches by the the superannuation and insurance sector.
"We note that the commissioner has concluded that a number of matters regarding the group's conduct including in relation to superannuation warrant further investigation by relevant regulators and we will cooperate fully with these investigations," Mr Comyn said.
As of 1855 AEDT, NAB was the only other of the big four lenders to issue a statement to the ASX following the report's release.
NAB, which was singled out by Mr Hayne for its unwillingness to address past wrongs, said it would review the report and the government's response to fully understand the implications.
Financial stocks had given the Australian share market a surprising lift on Monday, with ANZ adding 1.16 per cent to $25.22, followed by Westpac, up 1.18 per cent to $24.87, and NAB, 1.01 per cent higher at $24.03.
Commonwealth Bank shares were still up 0.77 per cent in a day that saw ASIC order them to provide financial advice for free, after failing to meet its obligations from the fees-for-no-service scandal.
The corporate regulator has said it would prioritise serious matters referred to it by the Royal Commission for possible law breaches.
Meanwhile, Australian Banking Association chief executive Anna Bligh said the report was an opportunity for banks to reset their relationship with their customers.
"I can understand in the circumstances that many people may be cynical about whether banks will change," she said.
"To those people I would say, don't judge banks by their words, judge them by their actions, in the coming weeks, the coming months, as they implement this report."
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