In this open letter, I question the CBA's misconduct around financial advice in a vertically integrated model of financial advice and cite a senior economist's call for an inquiry into the conflicted nature of financial advice among the major banks. Given the growing regulatory risks surrounding the banks retaining their wealth management arms, Mr Turner should consider de-merging Colonial First State. I question the long lasting damage to the CBA's brand and reputation of the scandal surrounding the Comminsure scandal documented earlier this year by the ABC's 4 Corners program and suggest that to maintain its social license to operate, the bank should promote a culture of disclosure, transparency and accountability not just to shareholders, but also to customers and taxpayers. (VIEW LINK)
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