CBA hit with another financial planning class action

commonwealth bank CBA comminsure Shine Lawyers

24 August 2020
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 4 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

5 days 16 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

4 days 20 hours ago