The Many Negative Health Effects Of Dust Mites And Bed Bugs

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By Scott Mackenzie

There are many different negative health effects of dust mites and bed bugs. There presence is known to cause illnesses such as allergies and asthma. Dust mites are present in bedding, furniture and anywhere else that collects dust. They are highly concentrated in bedding as this is a location where our skin sheds the most. Dust mites consume the dead skin of humans. When they are present in the bedding of young children, they pose the threat of allergic reactions.

Some people are more sensitive to dust mites that others and will have serious reactions. Dust mites also leave droppings that cause certain reactions when breathed in or touched. It is important to properly clean bedding and to minimize the presence of dust as much as possible. Vacuuming, dusting and a thorough cleaning regimen will help to reduce the collection of dust.

Dust consists of dead skin cells and other substances that may cause respiratory problems in individuals if the collect of dust is highly concentrated. There isn’t a way to stop dust from collecting but measures should be taken to reduce the collection of dust. There areas in the home where there is the most dust are typically the areas that are most frequented. If there are individuals in the household with an extra sensitivity to dust, it is very important to clean as much as possible to avoid serious illness.

[youtube]http://www.youtube.com/watch?v=sRITZmnjgC8[/youtube]

Households that have infants and young children need to make sure dust is kept at a minimum. Young children may accidentally ingest the dust and get really sick. This can cause a number of respiratory problems. Homes with elderly family members should also be dusted on a regular basis.

Breathing in dust for extended periods are known to cause certain allergic reactions such as itchy, red eyes, sneezing and in come causes shortness of breath. There are many products on the market that help to reduce the collection of dust. And bedding should be cleaned on a regular basis, hot water is the best to kill any existing dust mites.

Bed bugs are also a health risk that are present in many homes. Bed bugs are tiny arachnids that feed off of human blood. While we sleep, they bite us and suck our blood. The bite is not felt but the after effects are noticeable with tiny bug bites that resemble mosquito bites. A bed bug bite can be very serious to individuals that are very sensitive to insect bits. In very serious cases, it may cause anaphylaxis where an individual has great difficulty breathing.

Bed bugs are not seen with the naked eye but they leave their mark with several tiny bites all over the body. The bites itch like mosquito bites and become red and swollen. In extreme cases, there may be bed bug infestations where an exterminator will be needed to rid the pests.

There are several negative health effects of dust mites and bed bugs. It is important to frequently change sheets and to wash them with detergent and hot water. For individuals with extreme sensitivities to dust mites should take extra care cleaning the house. Dusting should be performed regularly and any carpeting should be replaced with hardwood floors.

About the Author: Smartsilk

allergy bedding

helps repel and protect against bed bugs. Smartsilk allergy bedding is the first all

natural bedding

to be certified asthma & allergy friendly by the Asthma and Allergy Foundation of America and the Asthma Society of Canada!

Source:

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New Jersey backpedals on proposed bikini waxing ban

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Saturday, March 21, 2009

New Jersey has reversed its plans for a state-wide ban on bikini waxing after salon owners from across the state spoke out against the proposal.

The New Jersey Board of Cosmetology and Hairstyling planned to consider a ban on so-called “Brazilian waxes” in response to two women who reported being injured during a wax.

But state Consumer Affairs Director David Szuchman, who oversees the board, asked them to abandon the ban in favor of reviewing and establishing safeguards for those who provide the service.

“Many commentators have noted that the procedure could be safely performed,” Szuchman wrote in a letter to state board President Ronald Jerome Brown, according to the Asbury Park Press. “I, therefore, believe that there are alternative means to address any public health issues identified by the board.

Salon owners from across the state expressed relief with Szuchman’s decision.

“It was an unnecessary issue,” spa owner Linda Orsuto told the Associated Press. “In New Jersey especially, where the government has been picking our pockets for so long, it was like, ‘Just stay out of our pants, will you?'”

Although millions of Americans get bikini waxes, which generally cost between $50 and $60 per session, the practice comes with risks. Skin care experts say the hot wax can irritate delicate skin in the bikini area, and result in infections, ingrown hairs and rashes.

Waxing on the face, neck, abdomen, legs and arms are permitted in New Jersey. Although state statutes have always banned bikini waxing, the laws are seldom enforced because the wording is unclear.

If the measure had passed, New Jersey might have become the only US state to ban the practice outright.

Although Szuchman’s letter was crafted more as a recommendation than an order, media reports said the ban would likely never be approved without his support because his office oversees the board.

Malva Pudding South African Dessert Recipe

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By Kit Heathcock

Almost every restaurant in Cape Town has Malva Pudding on its dessert menu. It is one of those ubiquitous dishes that one has to side-step diplomatically, as a tour manager organising menus for a week of dinners for clients on walking holidays. If you’re not careful you could end up with a gastronomic tour of Cape Town’s Malva Puddings! That’s not to say that it is not a good dessert choice. It is rich, delicious and indulgent and has to be tasted at least once on a gourmet tour of Cape Town. Along with many other traditional South African dishes it gives a nod to the Netherlands for its origins. Essentially a rather homely baked cakey pudding, its restaurant version soaks itself in a rich, creamy sauce to take on a mantle of decadence, while elegant versions serve themselves up with a few poached apricots alongside too.

No-one seems to know where the name Malva pudding came from – suggestions range from a traditional accompaniment of Malvasia wine, a heavy dessert wine, to a woman named Malva creating it back in the mists of time.

I tried out my sister-in-law’s recipe to make a dessert to follow our Sunday lunch of roast chicken and roast potatoes. Hers is a home version rather than restaurant one and gives details for the cake without drenching it in the creamy sauce. It produces a comforting cross-between steamed pudding and cake, with a tantalising hint of the apricot jam that flavours it and a pleasing, almost caramelly overtone. It is served warm with custard and cream alongside. Leaving out the stage of drenching it with the sauce makes it a lot less rich and calorific, but does mean that you can eat a lot more of it!

Malva Pudding Recipe

Serves 6-8

1 heaped tablespoon butter

3 heaped tablespoons apricot jam

[youtube]http://www.youtube.com/watch?v=ToiP0T1Mfio[/youtube]

1 egg

1 cup flour

1 teaspoon bicarbonate of soda

cup sugar

cup milk

Cream together the butter and sugar. Add the beaten egg and jam and beat together. Add the dry ingredients and milk alternately and stir into the mixture. Pour the batter into a greased round dish approx 21cm / 8 inches. Cover either with a lid or tinfoil and bake at 180C / 375F for 30 minutes until the top is browned and a skewer comes out clean. Serve warm with custard and cream.

If you would like to try the rich and more traditional version of Malva Pudding, and I think it should be done once in a while, here is a recipe for the sauce to drench it in as soon as it leaves the oven.

Sauce

1 cup cream

4oz / 100g butter

cup sugar

60 ml hot water.

Warm together the ingredients until the butter has melted and the sugar dissolved and pour over the pudding as it comes out of the oven. You can prick holes in the top to help the sauce soak in.

With the sauce incorporated into the Malva Pudding you hardly need anything else to accompany it, the cream being already inside! Just for appearances’ sake though you might like to serve it with a conservative dollop of vanilla ice cream, or a few poached apricots and a drizzle of cream. The other compromise is to reserve some of the sauce to serve alongside the pudding rather than letting the whole amount soak in.

Copyright 2007 Kit Heathcock

About the Author: Kit Heathcock writes and copyedits for a number of websites from

Original Orange

. She contributes to a luxury travel website

Just the Planet

and

A Flower Gallery

.

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isnare.com

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MMS comes to American iPhones

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Friday, September 25, 2009

Today, after two years of waiting, American iPhone users are finally able to send and receive MMS messages. This long awaited feature has caused Apple and AT&T a great deal of grief from its user base. Originally the grief was directed at Apple for the lack of inclusion on the device, but as time progressed AT&T was faulted for lack of support.

When the iPhone was released in June of 2007, it lacked one feature that was widely available on other devices: MMS or Multimedia Messaging Service. This standard, similar to the all text SMS standard, allows users to send and receive video, audio, and picture files on their mobile phones. MMS was launched in 2002 and by 2007 was a common feature on most new mobile phones. It was not until June 2009, with the release of iPhone OS 3.0, that the devices also had the capability to send and receive these multimedia messages. Unfortunately for American iPhone users, all of whom use AT&T because of an exclusive agreement between the phone company and Apple, AT&T did not allow iPhone users to use this feature; that changed today.

Current iPhone users simply need to update (from iTunes) and reboot their device in order to enable MMS. AT&T was originally concerned about not having the network capacity to handle the data demand of all the MMS messages and in Wikinews’ own testing this seems to be a valid issue. The ability to send and receive MMS messages was functional, but by midday Friday (PST), AT&T’s network was extremely slow, with messages taking in excess of two minutes to send. Tests over AT&T’s 3G network showed upload and download speeds nearly halved what they were just a few days prior.

Wikinews Shorts: May 2, 2007

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A compilation of brief news reports for Wednesday, May 2, 2007.

Tuesday United States President George W. Bush vetoed a US$124 billion supplemental appropriations bill that would provide funding for US operations in Iraq and Afghanistan. The bill set benchmarks for the Iraqi government to reach and also included a time-table for withdrawal from Iraq, if those benchmarks were not met.

“It makes no sense to tell the enemy when you plan to start withdrawing. All the terrorists would have to do is mark their calendars. … Setting a deadline for withdrawal is setting a date for failure, and that would be irresponsible,” Bush said.

The bill allows the US to maintain forces in Iraq even after a withdrawal to target al-Qaeda and other terrorist groups.

Related news

  • “President Bush and Democrats seek compromise” — Wikinews, May 2, 2007

Sources

External links


Bronze Soldier of Tallinn

Estonia has closed its consulate in Moscow, Russia, after riots erupted outside. The Ministry of Foreign Affairs alleged that an attempt was made to assault the ambassador at a press conference and that this amounts to violation of diplomatic conventions.

The riots were in protest of Estonia’s decision to relocate the Bronze Soldier of Tallinn, a Soviet-era war memorial. Estonians feel the statue is a reminder of Soviet occupation, while Russians say it is a tribute to the soldiers that defeated Nazi Germany.

Meanwhile, Russia has halted deliveries of oil and coal products to Estonia.

Related news

  • “Clashes over World War II monument in Estonia continue” — Wikinews, April 28, 2007
  • “One killed in clashes over World War monument in Estonia” — Wikinews, April 27, 2007

Sources


State-run news agencies in Iran stated that Hossein Mousavian, a former envoy on Iran’s nuclear program who worked for Hassan Rowhani, has been apprehended in Tehran. Mousavian was a key ally of Ayatollah Hashemi Rafsanjani. Mousavian is likely to be charged with espionage. An anonymous Iranian news agency official said, “Mousavian was arrested because of connections and exchange of information with foreign elements.”

Sources


Filmmaker releases trailer for open source feature film

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Wednesday, May 3, 2006

New filmmaker Solomon Rothman has released a trailer for his upcoming full length open source film called ‘Boy Who Never Slept.’ Both the movie and the trailer are offered under a Creative Commons Attribution-NonCommercial-ShareAlike 2.5 license. The movie is set to be released at the end of May.

The film centers on the life of an insomniac writer who meets a teenage girl online, and a friendship that grows into an unlikely love story wrapped in harsh reality. The movie deals with various issues, including the romanticization of love, age-related issues in relationships, like statuatory rape (he’s 23, and she’s 16), and the idea of love in the online realm.

Rothman, a writer, amateur filmmaker and web designer, lives in the Los Angeles Area. He wrote, directed and produced the movie with Aurora Mae, his girlfriend and partner. Producing the movie for $200 while they were in college, they used friends as actors and later sold the camera on eBay to recoup the expense.

Rothman has spoken about the power of the internet as a distribution source for movies and has said “I believe it’s possible that this movie I shot with no budget and released online for free could potentially reach as many viewers as a major theatrical release.”

Rothman and Mae started out with the idea of creating a full-length movie that could be shared totally for free online. The film includes a custom soundtrack and script, both of which will be released open source as well.

The trailer is available on the official movie website[1] and can also be found on Google video, YouTube.com, Ifilm.com, AddictedClips.com, and the Internet Movie Archives.

Spelbound declared winner of Britain’s Got Talent 2010

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Monday, June 7, 2010

An acrobatic group known by the name of Spelbound has been declared as the winner of Britain’s Got Talent 2010, a televised variety talent show competition broadcast on ITV in the United Kingdom. As the winning act of the show, Spelbound have won £100,000 (US$144,580, €120,313, A$175,079) and a place at The Royal Variety Performance, an annual gala evening that is attended by senior members of the British Royal Family.

In no particular order, the top three acts were revealed to be two dancers known by their stage name of Twist and Pulse, gymnastic group Spelbound and Kieran Gaffney, whose act involves playing on the drum kit. After Kieran Gaffney was revealed to be in third place, Anthony McPartlin, who hosts Britain’s Got Talent with Declan Donnelly, said to Kieran: “Well done Kieran. Kieran, you’re a star, you came back, you got all the way to the final. I know you’ve loved this. You’ve loved this, haven’t you?” In response to this, Kieran Gaffney stated: “Thank you very much. Thank you, everyone for supporting me. Thank you.”

Shortly afterwards, on the episode that was broadcast live on ITV1 on Saturday, Anthony announced: “After tens of thousands of auditons, five semi-finals and an amazing final, this…this is it. One of you is about to walk away with £100,000 and a place at this year’s Royal Variety Performance. The winner of Britain’s Got Talent 2010 is…Spelbound!” Glen Murphy from Twist and Pulse commented about finishing in second place, stating: “Yeah, it’s amazing. I can’t even believe it. I can’t believe it at all.”

Alex Uttley, a 24-year-old member of Spelbound, commented on the gymnastic group’s victory, commenting: “Oh, my god. This is unbelieveable. We just want to say thank you to everyone out there. It just shows that all our hard work has paid off.” One of the coaches of Spelbound, named Neil Griffiths, stated about Spelbound: “Oh, they’ve worked so hard over the last few weeks. Um, since the semi-final, we…we really had to pull out the stops to try and up the game. They’ve not known they’ve worked in the gym from six in the morning till twelve…twelve o’clock of the night. I couldn’t have asked for more. Um, it’s a team of coaches. I don’t take all the credit myself. There’s, uh, two people up there that know who they are who’ve been fantastic.”

Spelbound consists of 24-year-old Alex Uttley, Nicholas Illingworth, aged 24, Adam Buckingham, aged 21, 20-year-old Adam McAssey, 19-year-old Douglas Fordyce, 18-year-old Edward Upcott, 18-year-old Leighanne Cowler, 17-year-old Katie Axten, 17-year-old Lauren Kemp, 15-year-old Jonathan Stranks, Abigail Ralph, aged 15, 13-year-old Hollianne Wood and Amy Mackenzie, aged 12. Bookmakers had previously predicted that Spelbound would be the most likely act to become the winner of the series.

The running order for the final started with Twist and Pulse. The second act to perform was Liam McNally, a 14-year-old singer. The running order subsequently continued with 40-year-old impressionist Paul Burling, singer Christopher Stone, aged 28, Tina & Chandi, a woman and dog dancing act, Connected, a five-piece singing group, Kieran Gaffney, aged 12, 22-year-old Tobias Mead, a dancer, 80-year-old singer Janey Cutler and Spelbound in that particular order.

Earlier on in the final, Britain’s Got Talent judge Amanda Holden has stated to Spelbound: “We are hosting the 2012 Olympics and I think ‘what a brilliant opening act’.” Fellow judge Piers Morgan also commented that “[t]he purpose of this show is to identify hidden great British talent. You are that act.” After Spelbound won in the final, another judge, named Simon Cowell, stated that “the right boys and girls won on the night” and that he could “only say on live TV that that was one of the most astonishing things I have ever seen. Seriously.”

Alternative to controversial hotel proposed to Buffalo, N.Y. business owners and residents

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Buffalo, N.Y. Hotel Proposal Controversy
Recent Developments
  • “120 year-old documents threaten development on site of Buffalo, N.Y. hotel proposal” — Wikinews, November 21, 2006
  • “Proposal for Buffalo, N.Y. hotel reportedly dead: parcels for sale “by owner”” — Wikinews, November 16, 2006
  • “Contract to buy properties on site of Buffalo, N.Y. hotel proposal extended” — Wikinews, October 2, 2006
  • “Court date “as needed” for lawsuit against Buffalo, N.Y. hotel proposal” — Wikinews, August 14, 2006
  • “Preliminary hearing for lawsuit against Buffalo, N.Y. hotel proposal rescheduled” — Wikinews, July 26, 2006
  • “Elmwood Village Hotel proposal in Buffalo, N.Y. withdrawn” — Wikinews, July 13, 2006
  • “Preliminary hearing against Buffalo, N.Y. hotel proposal delayed” — Wikinews, June 2, 2006
Original Story
  • “Hotel development proposal could displace Buffalo, NY business owners” — Wikinews, February 17, 2006

Thursday, February 23, 2006

Buffalo, New York —

Residents and business owners in the Elmwood Avenue neighborhood and surrounding area in Buffalo heard a competing proposal for development in their neighborhood at the February 22 meeting held at the Burchfield-Penney Art Gallery, at Buffalo State College. The meeting, attended by at least 140, was originally to consider the Elmwood Village Hotel but also included a new revitalization proposal from Rocco Termini which would increase retail space, but involves less demolition and no hotel.

Rocco Termini, a Buffalo, New York developer wants to develop the corner of Elmwood and Forest, the same spot where Savarino Construction Services Corporation want to build the Elmwood Village Hotel.

Termini proposed that a similar revitalization take place on the intersection like one that incorporated 3 buildings on Aurburn and Elmwood just last year. Termini’s proposal will add more retail space than Savarino’s proposal with the possibility of including up to seven retail outlets.

“I just think it’s necessary to preserve the streetscape that we have. That’s the whole point of living and shopping on Elmwood,” said Termini. “You should be able to go into little shops, that have unique items, and that bring people to Elmwood. When you bring a big box on Elmwood Avenue, it takes something away from the urban-streetscape, just as suburban areas do not want a big box Wal-Mart. We don’t want a big box on Elmwood avenue and I think that’s just what this (the hotel) does, brings a big box to Elmwood,” said Termini.

When asked if there were any development companies currently interested in his proposal Termini said, “I will be willing to take a look at this myself,” said Termini. “Or I would be more than happy to be partners with Sam, Sam Savarino,” who is President and Chief Executive Officer of Savarino Construction Services Corp.

An unnamed source close to the project stated, “Rocco has serious concerns that the Mobius’s asking price could make his project infeasible.”

It is unknown if Savarino Construction or the city of Buffalo will consider Termini’s proposal.

Termini purchased and developed several buildings and areas including the Ellicott Lofts on Ellicott Street in Buffalo, which opened in 2003, The Oak School Lofts which used to be a Buffalo Alternative School, and ‘IS’ Lofts on Oak Street in Buffalo.

Eva Hassett, Vice President of Savarino Construction, and Karl Frizlen an architect from The Frizlen Group and designer of the hotel commented on the development proposal. Hassett said, “We’ve been thinking about it and trying to put it together for the last few months, and it was made public a couple of weeks ago.”

“There are lots of different areas you can look at. This is an Elmwood Avenue hotel. Putting it somewhere else makes a completely different kind of hotel. We wanted a hotel that people could walk to from the business on Elmwood. We wanted a hotel that people could walk to from the Albright Knox Art Gallery. This is really a location for this kind of hotel. Other locations end up being for other kinds of hotels,” said Hassett

“We are excited about the concept of a boutique hotel at this corner. We think it makes sense to the various businesses in the area or the galleries just down the street. We also believe that this is a way for the visitors of Buffalo to experience what the best of what Buffalo has to offer. We think it will be a great way for people from out of town, to get to know what we know about the city,” said Hassett.

Although Hassett had said that the proposal has only been around “for a few months”, Karl Frizlen said that he came up with the idea “three years ago when Hans Mobius,” former owner of the properties at risk, “came to me and asked what we could do with these properties.” Frizlen also said that he introduced Mobius to “four different developers, who after seeing the properties, did not want to tackle them, saying that they felt like it was too much for them to take on.”

Hans Mobius did not attend last nights meeting.

Frizlen is also designing the former telephone company building at 504 Elmwood which would be a “mixed use building with retail on the lowest level and lofts on the other two floors.”

After speeches from developers, residents and business owners were invited to present questions and comments.

Mark Freelend, a Buffalo resident, and local artist, said “I’m looking at my house in the picture, and I’m picturing all the houses on Granger street behind me, and I’m realizing that, if this is implemented (the hotel), we will get zero sunlight. The Sun is supposed to be free, for everyone. The people on Granger are going to have eighty windows looking at them and their children being raised, and playing in the backyard, guests looking in the windows of their houses twenty-four hours a day. A million people starring into their houses. No sunlight, and they are on permanent reality TV. Put a price on that!”

“I think this hotel is totally out of scale to the area and it does not conform to the style (of Elmwood) at all. It will totally obscure the gateway of Elmwood. The gateway now has open arms that allow for passage and view into the commercial corridor. This hotel stands as a brick wall as far as I can tell,” said Nancy Pollina one of the owners of Don Apparel at 1119 Elmwood. Pollina referenced to the recent ‘revitalization’ project on Auburn and Elmwood saying, “That building was boarded up for years, and that was beautiful a renovation. That building was not in any less need of repair than Hans Mobius’s properties.”

Both residents and business owners in the area are concerned that the proposal is moving too quickly and said that the developers should wait before having any city meetings and wait for a consensus from the community on the hotel.

Mrs. Pollina said, “I think people feel passionate about their neighborhood, and this is their neighborhood. I feel that what was most shocking is that the city’s planning board meeting and Common Council meeting, which are they need to push this through, is next week without almost no notice. This (the proposal) is being rushed.

However; Sam Savarino did say that “some people have gotten emotional about this project. And I want to let the community know that we will listen to what you have to say. We’re not forcing this down anybody’s throat. If this is not something this community wants, we do not want to have it here.”

The city’s Planning Board is expected to meet on February 28, 2006 at 8:00am in room 901 on the 9th floor of City Hall. The city’s Legislative Committee meeting of Common Council is expected to take place on the same day at 2:00pm in Council Chambers on the 13th floor of City Hall.

It has just been confirmed from an unnamed source close to the project that “significant changes” will be made to the design of the Elmwood Village Hotel. “Its not being cancelled, just redesigned,” he said. The changes are not yet known, but they are could be released “tomorrow. He (Savarino) doesn’t want it released until he touches base with a few people today.”

Using Trading Economic Indicators For Your Portfolio}

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Using Trading Economic Indicators For Your Portfolio

by

Joanne CooperThere are different approaches you can take with your portfolio. Each will give you losses or wins in the market. Determining how the market is moving and knowing when to change your position is essential to profitability. To add a level of security, traders and investors look at trading economic indicators. These systems define the probability of changes in the market while offering forward-thinking tools for traders and investors. Using indicators allows you to reduce risk while knowing when changes in the market are occurring through trends or pivot points. There are certain characteristics available with trading economic indicators. The first is the defining point of the indicators, specifically which includes statistical data and analytics to determine how the market will change. The simplest form of these indicators is based on the price and volume of various stock markets. Many will also look at the quantitative analytics of the macroeconomy, such as job unemployment levels, changes in GDP and alterations in the market, all which provide differences in the stock market. Defining what is happening in the market as well as past trends through economic and lagging indicators also defines the patterns in the stock market. This can help you to determine and navigate the next possible changes which will occur.The basics of trading economic indicators expand to mathematical formulas and algorithms. To predict changes in the market, many traders and investors will look at various equations. These determine the probability of changes within the market. Trends and pivot points that may occur reach a level of speculation with the equations. These offer forward-looking information for different stock markets, allowing those who have traded or invested in a portfolio to know the possible changes within the market. You will want to look at different equations, such as oscillators and stochastics, to find what works best with your portfolio. Finding leading indicators that work with your current system assists with defining changes in the market. Deciding on the effective trading economic indicators are the most important part of your strategy. You will want to find the measurements which are able to provide the most accuracy within the stock market. Traders and investors have relied on options such as mean averages, fractals and quantitative analytics, all which determine changes in the market. There are also options with patterns and charts, such as candlestick patterns. When looking at these, you will want to define a leading indicator system as well as lagging indicators that may define past patterns. By looking at accurate patterns and prediction models, you will be able to add a new strategy into your portfolio. This allows you to extend your options within the market. Let your portfolio reach new levels of profitability. Using trading economic indicators

within the market offers effective strategies with your next trade or investment. Finding the most effective indicators and making sure these are added into your portfolio also provides continuous results with the changes in the market. For forward-thinking systems and new strategies, you can use leading indicators to know the changes in the economy and stock market.

Joanne Cooper has worked in the financial industry for over 20 years, specializing in

trading economic indicators

for traders and investors in the stock market.

Article Source:

eArticlesOnline.com}

Commonwealth Bank of Australia CEO apologies for financial planning scandal

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Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

TOP