Published March 02, 2018
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The Commonwealth Bank of Australia has lost its attempt to have its secret, commercially sensitive information kept from the public in its evidence given to the banking royal commission.
CBA had asked for a ream of information included in the statement provided by its executive general manager, retail products, Clive Richard van Hore, to the royal commission not to be published.
The information included the bank's correspondence with the Australian Securities and Investments Commission, internal documents, and details of its remediation scheme.
The application related to the evidence put forward regarding the bank's credit card-plus product.
It is understood other major banks were planning to ask for similar non-disclosures or had already asked ahead of the decision made by Commissioner Kenneth Hayne.
"Apart from the one case where a particular customer’s name and policy number would otherwise have been revealed, none of the particular information in respect of
which CBA sought directions was shown to be of a kind that should not be published," Commissioner Hayne said.
"CBA identified no damage to itself or any other person that would follow from publication of the material. Subject to the direction described above, the application is otherwise refused."
Commissioner Hayne said he encouraged the approach of the CBA to make such a request while the statement was still in draft form.
A spokesman for the bank said it appreciated the decision from the royal commission.
The royal commission will have its first round of hearings from March 13. The first two weeks will look at case studies covering areas including home loans, car loans, credit cards, add-on insurance, credit offers and account administration.
Re-disseminated by The Asian Banker from The Sydney Morning Herald