Business
Commonwealth Bank to refund customers $700 million – Yahoo Finance Australia
The major bank has set aside an additional $300 million to remediate customers who received problematic financial advice.
The Commonwealth Bank of Australia has set aside an additional $300 million for its customer remediation budget.
This adds to the $534 million of provisions the bank has already set aside to pay back customers for unlawful financial advice uncovered during the Banking Royal Commission, such as charging fees for no service or providing inappropriate financial advice.
This brings the total sum to $834 million.
Of the $834 million, $698 million will go to customer refunds, including $280 million…
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