Ceasing ongoing service fees to cost CBA $40m

CBA commonwealth financial planning

4 February 2019
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

1 month 1 week ago

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

3 months 1 week ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

6 days 4 hours ago

Lonsec has appointed a new chief executive for its research and ratings division as Mike Wright takes up a new role in light of the acquisition of Evidentia Group by Lons...

1 month ago

The Financial Services and Credit Panel has cancelled the registration of an NSW adviser for two years as it felt he displayed a ‘level of incompetence’ in providing advi...

1 month ago

TOP PERFORMING FUNDS