The Finance Sector Union (FSU) has attacked the Commonwealth Bank over its involvement in the collapse of investment firm Storm Financial.

The bank has told insuranceNEWS.com.au it intends to “put right” any problems it may have caused.

The CBA has continually suggested its role in the collapse is the doing of a “rogue” Townsville branch.

But in a submission to the parliamentary joint committee inquiry into financial services, the FSU says a bank audit of 600 files in relation to loans provided to Storm clients uncovered no breaches and that the loans were made in accordance with the bank’s policies and procedures.

“What has been exposed is the shortcomings and flaws inherent within [the loans],” the FSU said. “The CBA provided hundreds of margin loan facilities to Storm clients that were obviously inappropriate.”

Two former Storm employees who originally worked at the bank have accused the bank of lying to the inquiry about its involvement in the Storm collapse.

A Commonwealth Bank spokesman said the bank has already acknowledged there are “some shortcomings” around its involvement with Storm and is currently working through those to rectify any problems.

“Where we have done wrong we will put it right,” he said.