A 97-year-old who lost hundreds of thousands of dollars of her life savings after faulty financial advice is still waiting for full compensation from the Commonwealth Bank, a parliamentary committee heard today.
The woman lost $600,000 of the $1 million she invested in 2006 on the advice of former Commonwealth financial planner Don Nguyen, now named in parliament as “dodgy Don”.
Labor MP Matt Thistlethwaite today questioned Commonwealth Bank CEO Ian Narev about why the woman, a victim of financial planner “dodgy” Don Nguyen, had been waiting two years for compensation.
The woman, a customer of the Commonwealth since 1949, had been paid back $400,000 but the other $200,000 was still being discussed, Narev said.
Thistlethwaite: “Why are you delaying payment for someone who is 97 years old?”
Narvev said the process, which had seen 1800 customers compensated, had to be fair and transparent for all.
However, he conceded that some might need a faster process than others.
Narev promised to seek more information for the committee on this case.
Nguyen has been banned by ASIC (Australian Securities and Investments Commission) from giving financial advice.