Ceasing ongoing service fees to cost CBA $40m


The Commonwealth Bank has acknowledged a $40 million cost resulting from the cessation of ongoing services fees for its salaried financial planners.
In an announcement released to the Australian Securities Exchange (ASX) almost at the same time as the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the big banking group said it accepted the requirements entailed in an Australian Securities and Investments Commission enforceable undertaking.
Commenting on the move, CBA group executive, Retail Banking Services, Angus Sullivan, said the bank had accepted the requirements of ASIC included in the enforceable undertaking and would take immediate steps to comply.
Recommended for you
After seven years at the company, Iress’ chief technology officer for wealth management APAC, Anthony Gerrits, has departed as the firm commences a search process to fill the role.
With advice firms thinking about scaling up in 2025, research has detailed the main avenues financial advisers say they have used for successful recruitment.
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.