Joe Longo said he had raised concerns about CBA’s breach of bonus caps directly with the bank’s chairman Paul O’Malley and urged the bank to reconsider.
Already a subscriber?Commonwealth Bank’s breach of royal commission-era bonus caps has angered the chairman of the corporate regulator, who vowed to lift regulatory scrutiny on the country’s largest lender pointing to increased risk of banker misconduct.reported on Monday that CBA would lift the maximum bonus it can pay home loan bankers
“We made it very clear to them, we think this very disturbing, very disappointing, and I think the phrase backsliding is not too far from what happened here,” he said on Tuesday. Westpac’s retail banking boss, Jason Yetton, said it would remain in line with the Sedgwick caps for now. “Now we have seen someone change, we will review and look at that in line with market remuneration,” he said. “We will keep an eye on it and assess it as we see fit, but we have been adhering to those principles in the past, and continue today to do so.”
“It is a commercial decision CBA has made, and we will be monitoring how this works over the next 12 months and no doubt we will be discussing at another hearing at some point,” he said. “The signalling on what we all expect in this area has been very clear,” he said. “We gave them very frank and full reaction to this idea, but this comes from board at CBA, and this is position they have taken, disappointing as it may be.”
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