AUSTRALIAN financial adviser Gary Glass says he hasn’t been notified of any interest payments being made to clients.
The former managing director of the Commonwealth Bank of Australia has told the ABC that he is not being informed of any such interest payment to clients, which he says has not happened before.
“I don’t think that’s happening at all.
I don, and I’ve got a couple of people that are, and we’re trying to figure it out,” he said.”
But I don and I’m not aware of any.”
Mr Glass said he has not been contacted by any client, but he said he had been advised by clients not to send funds into their account, or to make any further payments until the bank was notified of the situation.
“If they want to do a further payment then that’s fine,” he told the radio program.
“There’s nothing wrong with that, and that’s not unusual, but I don ‘t think it’s a problem.”
He said he was unaware of any clients who had been directed to make more than a single interest payment.
Mr Glass, who has worked in the banking sector for nearly 20 years, said he did not feel his clients were being singled out for the interest payments.
“This is not a problem that we have with clients, and the issue is not that clients don’t want to make payments.
It’s that they don’t have access to the funds,” he explained.”
They’ve got to send it in through a bank branch.
That’s the way it’s supposed to be.”
The ABC has asked the bank for comment on Mr Glass’s claims.
Topics:business-economics-and-finance,industry,consumer-protection,finance-industry-and-$,financial-services,financial_services,accounting,federal-government,government-and/or-politics,australiaContact Chris BurtmoreMore stories from Victoria
