CommBank victims closer to royal commission
Senate inquiry says a royal commission should be established into the fraud, forgery and cover ups of the Commonwealth Bank's financial planning arm, reports Fairfax business columnist Adele Ferguson.PT4M29S http://www.canberratimes.com.au/action/externalEmbeddedPlayer?id=d-3avfj 620 349 June 26, 2014
When Teagan Couper's father Noel was diagnosed with pancreatic cancer, his family felt secure his life insurance would be enough to financially compensate for his death.
But soon after his terminal diagnosis, they discovered the high-risk policy recommended by the Commonwealth Bank was almost devoid of funds.
Mrs Couper challenged the bank through the courts, and won on the eve of Noel Stevens' death.
Tegan Couper, pictured with baby Hype, won two court cases against CBA. Photo: James Alcock
But the matter was not settled there, with the Commonwealth Bank launching an appeal just before Mrs Couper buried her father. Thankfully, she and her family won the case a second time.
''It was horrendous,'' the young mother of two says. ''We were treated like nobody - my dad was fighting cancer at the time,'' she told Fairfax Media. ''They just treated us like ants basically.''
The bank has said it ''regrets'' putting Mr Stevens in that type of policy, but Mrs Couper says she has yet to receive any apology.
She is one of the many victims of alleged fraud, cover-ups and forgery by rogue Commonwealth Bank advisers around the country.
The victims have been buoyed by the news a Senate committee has recommended a royal commission into conduct of the banking giant and its financial advisers.
A royal commission would mean many other victims may be able to recoup some of their investments.
Commonwealth Bank whistleblower Jeff Morris estimates there could be up to 60,000 victims of rogue advisers in the financial planning arms.