Committee recommends Royal Commission into CBA 'cover-up'

A SENATE committee examining allegations of fraud, forgery and a "cover-up" at the Commonwealth Bank has recommended a Royal Commission into the matter.

The report of the Senate committee, handed down on Thursday, recommended a commission or judicial review be undertaken to investigate the claims heard during its inquiry.

Under its inquiry into the Australian Securities and Investments Commission, the committee heard allegations of fraud and forgery among some advisors to the CBA and financial planners inside the bank.

The inquiry was sparked by Fairfax Media reports of misconduct at the bank and it criticised the ASIC's response to the claims and CBA's submissions to the inquiry itself.

It has also recommended wide-ranging reviews and changes to practices at the investment commission to improve its response to such allegations.



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