A statement by the Chief Executive of the Commonwealth Bank Ralph Norris that he wasn't proud of his bank's relationship with Storm Financial has come too late for the hundreds of people in financial ruin, according to The Nationals Senator for New South Wales John Williams.

Mr. Norris has appeared at the final public hearing conducted by the Parliamentary Joint Committee on Corporations and Financial Services as part of its inquiry into the collapse of Storm Financial, Opes Prime and others.

Senator Williams, a member of the Committee, said Mr. Norris claimed he wasn't aware of his bank's relationship with Storm until late December, and if he had been aware earlier he would have ‘hit it on the head'.

“Mr. Norris said there have been staff dismissals following an investigation, and he admitted some staff had lost sight of who the customer was.

I personally am not convinced we are any closer to finding out just what went wrong, with the CBA and Storm both pointing the finger at each other, but the fact the bank took almost three months to start calling clients in margin call is a real concern.

To use an Australian expression it was one big stuff-up.

I am pleased to hear the CBA has been conducting a thorough review of its procedures and policies, but that is cold comfort for those people left in financial ruin by this mess.

It is imperative the bank now show compassion and understanding in the resolution process with clients so they can get on with their lives with a little bit of certainty”, Senator Williams said.

The committee's report is due to be tabled by the 23rd of November.

ENDS