Aussie bank expects to make 'significant' customer payouts

Sydney

COMMONWEALTH Bank of Australia's (CBA) chief executive Ian Narev said Australia's biggest lender would make significant compensation payments after it "let customers down" in a series of scandals over financial advice and insurance payouts.

Mr Narev said on Tuesday CBA would make more "remediation"payments to customers in coming months, declining to specify whether they could run into tens of millions, or hundreds of millions of dollars. The scandals involved poor advice to financial planning clients as well as delaying and denying life insurance claims to terminally ill customers.