CBA hit with another financial planning class action
The Commonwealth Bank may have largely exited its wealth management businesses but it is finding it hard to leave behind its history with the big banking group acknowledging another class action against its financial planning dealer groups.
The bank has publicly acknowledged class action proceedings in the Federal Court against Commonwealth Financial Planning Limited and Financial Wisdom Limited in relation to certain CommInsure life insurance policies recommended by financial advisers appointed by CFPL and FWL.
It noted that the proceedings, brought by Shine Lawyers, had also targeted the Colonial Mutual Life Assurance Society Limited.
The Commonwealth Bank’s announcement to the Australian Securities Exchange (ASX) said CFPL and FWL were reviewing the claim and an update would be provided as required.
Recommended for you
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
