By Aap A Senate committee has called for a royal commission to investigate Commonwealth Bank financial advisers who lost the savings of clients through dishonest activities. The committee has also criticised the Australian Securities and Investments Commission (ASIC) over its handling of the scandal, saying the regulator was timid and too willing to accept the bank's assurances that there were no problems. ASIC has conceded that its trust in the bank was misplaced. A senate committee has called for a royal commission into the Commonwealth Bank The Senate Economics References Committee report on the performance of ASIC, released on Thursday, concludes a year-long investigation into the actions of Australia's corporate watchdog.
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The report criticised the Australian Securities and Investments Commission
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It said the watchdog handled accusations of dishonest dealings by the bank's financial advisers badly
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The investigation dealt with activities between 2006 and 2010
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Whistleblowers suspected advisers were forging client signatures
The committee said it remained deeply concerned about the integrity and fairness of a compensation process put in place by the Commonwealth Bank and @placeholder after the misconduct was revealed.