Commonwealth Bank is still processing remediation for customers mis-sold consumer credit insurance and is reviewing an EY paper that may lead to further payments, the Hayne royal commission heard last week.

Counsel assisting Rowena Orr asked if the EY report showed clear potential for a “significant number” of additional customers to require remediation.

“That’s a reasonable conclusion from reading that piece of paper, yes,” bank CEO Matt Comyn said.

Commonwealth engaged EY to review its consumer credit insurance sales over a five-year period after a request from the Australian Securities and Investments Commission.

Remediations under the current program are taking “well in excess of a year” on average to be resolved, with the company aiming to bring that down to 90 days.

“I think in many cases those delays are because we’ve preferenced precision and comprehensiveness, but if you look at the average time to remediate customers where something has gone wrong, it’s completely unacceptable,” Mr Comyn said.

Before this year Commonwealth sold three consumer credit insurance products: CreditCard Plus, home loan protection and personal loan protection.

Mr Comyn says about $4.3 million is still to be paid to customers from a $15 million CreditCard Plus remediation program.

On loan protection products, the bank expected total payments of $31 million to 90,000 customers across 116,000 policies, before receiving the EY report.

The royal commission has heard the bank continued to sell the consumer credit insurance products for years after concerns over their value to customers was raised.

Mr Comyn says he discussed concerns about the insurance with former CEO Ian Narev on three occasions from 2015, and suggested suspending sales.

“We had, I think, quite a robust discussion during the course of that meeting, and my recommendation to suspend the sales was not agreed with,” Mr Comyn said.

There have been insufficient consequences for employees involved in the mis-selling of consumer credit insurance, he told the commission. The company this year stopped selling CreditCard Plus and personal loan protection insurance.