My phone rang this morning at 9am. It was Ian Narev, the CEO of CBA. It is a call I have been waiting nearly six years for now.

I had offered to meet with him when I still worked at CBA. I offered to meet with David Turner, the chairman of CBA, a year ago to set him and the Board straight about the things CBA were saying publicly that were not true. He politely declined.

A year and a scathing Senate report later and I will be meeting with Ian Narev in a couple of weeks time. He was friendly and seemed sincere in his desire to finally fix this problem that has run out of control.

At 10am I began reading the CBA press release. Alarm bells started ringing loudly in my ears. It sounds alright but I have heard it all before.

I’m sorry but the CBA can’t be in control of this process. They should not be the first point of contact for victims. The process should not rely on victims coming forward at all. Many are old and sick and frightened. Some are dead.

No, all of the files should be reviewed by an independent, qualified body to uncover where the problems are. The clients should be contacted by this body, not the other way around.

Shellharbour man beats CBA from the graveside

I watch the press conference. I realise Ian Narev still doesn’t know what has gone on in his organisation. There was a good deal more bad faith in the way CBA dealt with victims than he acknowledges.

Senator Bishop, the chair of the committee that delivered the scathing verdict on CBA is on next. It is clear that he gets it. CBA cannot be left in charge of this process. Nor can the Australian Securities and Investments Commission for that matter.

Where is ASIC on this day of mea culpa? Why do they seem to be able to dodge being held to account for their incompetence in failing to regulate CBA over the years.

Why does it take a persistent whistleblower spending six years of his life, a few determined victims like Jan Braund, Merv and Robyn Blanch and their daughter Merilyn Swan, an investigative journalist like Fairfax Media’s Adele Ferguson and a scathing verdict from a Senate Inquiry to do the work of ASIC?

Why didn’t ASIC stand up and protect the victims against the depredations of the CBA?

Maybe that’s why we still need a royal commission.

Jeff Morris is a former Commonwealth Bank financial planner. He was the whistleblower who went to ASIC and CBA management about practices inside the planning arm.

smh.com.au