The federal government has rejected calls to establish a Royal Commission into the Commonwealth Bank of Australia.
It was one of 61 recommendations made by a Senate economics committee inquiry into the Australian Securities and Investments Commission, particularly its handling of a scandal involving financial advisers at CBA that lost the savings of 1100 clients.
Finance Minister Mathias Cormann says there have already been several inquiries into those events and related matters.
He says the most important focus must be on resolving any legitimate outstanding grievances from affected CBA customers through the bank's 'open advice program' and enforcement by ASIC.
"The government considers that the open advice review program and the various related initiatives as undertaken by CBA should be given the opportunity to work," Senator Cormann said in a statement.
On the broader recommendations, Senator Cormann says ASIC is responding positively and has agreed to establish an Office of the Whistleblower within the commission.
It has started to improve its communications and has enhanced transparency by revamping its website to make it more accessible.
ASIC has also worked with the government on the establishment of an enhanced public register of financial advisers.
This will enable investors, employers and ASIC to verify the credentials of financial advisers and be confident that they are appropriately qualified and experienced, he said.
The register will be up and running by March 2015 at a cost of $5 million and will be funded by increasing the current ASIC lodgement fee for Australian Financial Services licensees by $5 to $44.
The register of financial advisers will include:
* the adviser's name, registration number, status, and experience
* the adviser's qualifications and professional association memberships
* the adviser's licensee, previous licensees/authorised representatives and business name
* what product areas the adviser can provide advice on
* any bans, disqualifications or enforceable undertakings
* details around ownership of the financial services licensee and disclosure of the ultimate parent company, where applicable
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