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Commonwealth Bank boss confident their products aren’t ripping-off customers

The chairman of the Commonwealth Bank of Australia has assured the bank is no longer selling products that they will have to compensate customers for in the future.

It has been revealed National Australia Bank chairman Ken Henry was confident his bank was still selling products that ripped off customers while the royal commission was taking place.

But CBA’s Chairman says that is not the case at his bank.

CBA’s annual profit fell lower than expected by 4.7 per cent to $8.49 billion but they were partially weighed down by $1 billion in compensation costs after its misconduct was exposed at the banking royal commission.

CEO Matt Comyn tells Ross Greenwood he is “confident” there are no products they will need to remediate customers for.

“We are no longer selling a number of different products and services… we’ve spent a lot of time making sure that those sort of things are not happening today.”

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Image: Getty/ Bloomberg