CBA's Matt Comyn says the bank didn't learn from its mistakes

Screenshot from webcast

Matt Comyn, the CEO of the Commonwealth, believes the underlying cause of the scandals that have hit the bank is related to not understanding the relationship with customers.

Rowena Orr, senior counsel assisting the royal commission, asked Comyn what he thought was the primary cause of the bank’s failures.

He said the bank didn’t have a clear understanding of its duties to customers.

And that there was “a culture of us not learning from issues of misconduct in the past”.

The Commonwealth has been hit by a series of scandals involving many parts of Australia’s biggest bank, including charging dead people for services not provided, withholding payouts for insurance, and breaches of anti-money-laundering laws.

An inquiry by APRA (Australian Prudential Regulation Authority) found that a failure of culture was behind a series of scandals which have eroded trust in Australia’s biggest bank.

Comyn is the first of the big four CEOs to appear before the royal commission.

NAB Chair Ken Henry, Commonwealth Chair Catherine Livingstone and Bendigo Bank chair Robert Johanson are also confirmed as being due to appear before the commission.

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