Storm hoping for A$600 million
(10 November 2009 – Australia) The Commonwealth Bank has announced that it has put away a reasonably significant sum for the compensation of the Storm clients.
The bank has not yet disclosed the amount in question for compensating customers after Storm Financial advised clients to borrow against their homes to buy indexed share funds, but when the stock market collapsed, many were left owing millions.
The Storm Investors Consumer Action Group has said that it hopes other banks will follow the Commonwealth Bank’s example of providing compensation to former Storm clients.
Noel O'Brien, group spokesman said that the group is hoping the figure will be about A$600 million, which will be enough to cover the bad debts.
Mr O’Brien noted that just because the group has got CBA talking does not mean they will give up until everybody's got some sort of compensation, some sort of package that they can get on with their life with.
The Storm Investors Consumer Action Group has said that it hopes other banks will follow the Commonwealth Bank’s example of providing compensation to former Storm clients.
Noel O'Brien, group spokesman said that the group is hoping the figure will be about A$600 million, which will be enough to cover the bad debts.
Mr O’Brien noted that just because the group has got CBA talking does not mean they will give up until everybody's got some sort of compensation, some sort of package that they can get on with their life with.
Subscribe