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Not happy with your bank? Tough luck! Commonwealth boss says he won't try to placate 'unreasonable' customers who 'try to embarrass' the bank
- CBA's Ian Narev says bank won't be embarrassed into settling law suits
- He said some customers feel dissatisfied because they're unreasonable
- Bank chief said some customers faced 'overly bureaucratic processes'
The boss of the Commonwealth Bank has declared his company won't be embarrassed into paying compensation to undeserving customers who are being 'unreasonable'.
Ian Narev, the chief of Australia's biggest bank, said while the bank was committed to acting 'with compassion' when errors were made and improving policies, he vowed that law suits from unreasonable customers would not be settled.
'In some cases we have customers who feel dissatisfied because they are being unreasonable and because they are acting improperly with the Commonwealth Bank and because they hope they will embarrass us into settling in a way which no reasonable Australian would expect us to settle,' Mr Narev said in a speech in Melbourne.
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Commonwealth Bank boss Ian Narev said the bank was committed to acting 'with compassion' when errors were made, but he vowed that law suits from unreasonable customers would not be settled
'In that minority of cases the right outcome is take the criticism, do the right thing, and stick by the rights of our customers and our shareholders.'
Mr Narev accepted though that there had been instances when customers had been left with 'poor outcomes' due to an 'overly bureaucratic processes' from CBA, according to Fairfax Media.
'The vision of the Commonwealth Bank to help secure and enhance the financial wellbeing of people, businesses and communities,' he said.
'However it is inevitable the bank will have some bad relationships with some customers.'
His comments were made as part of a wide-ranging speech he gave at a business lunch in Melbourne on Thursday.
Mr Narev's speech came as the Australian Bankers' Association - of which CBA is a member - launched a review into a plethora of their sales techniques and whistleblower protections.
He said during a speech in Melbourne CBA would not be embarrassed into paying compensation to undeserving customers who were being 'unreasonable' and trying to 'embarrass' the company
It follows the government's announcement of extra funding and beefed up powers at the corporate regulator, ASIC, to calm community concerns following a string of scandals.
Mr Narev also touched on how a royal commission into banks could ruin the economy and have an effect on living standards after Labor vowed to launch a commission if they win power at the next election.
It's not the right policy for an industry with this record, with this approach and with this regulation,' he said.
'The fact the industry... is acknowledging and fixing mistakes and also that we have such strong regulators makes the analogy with other circumstances in which royal commissions have been recommended as baseless.'
Mr Narev accepted though that there had been instances when customers had been left with 'poor outcomes' due to an 'overly bureaucratic processes' from CBA
Read more: http://www.dailymail.co.uk/news/article-3552930/Commonwealth-boss-Ian-Narev-says-won-t-try-placate-unreasonable-customers-try-embarrass-bank.html#ixzz46WxNqueW
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