Commbank concedes it should have acted more promptly
Count Financial could have acted more promptly in switching off fees for orphan clients and notifying a breach to the Australian Securities and Investments Commission (ASIC), according to testimony given to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The Commonwealth Bank’s Marianne Perkovic conceded under questioning at the Royal Commission that the company had been made aware of the orphan client issue with respect to Count advisers some 20 months before it actually filed a breach notice with the Australian Securities and Investments Commission (ASIC).
She conceded that a report provided by major consultancy, Deloitte, had pointed to the dimensions of the problem but countered that the business wanted to further investigate the extent of the issue.
Perkovic also pointed to the higher than usual number of planner exits from Count at the time of the issue.
When senior counsel assisting the Royal Commission, Michael Hodge QC asked whether Perkovic considered there was not a problem, she responded, “we should have done something in a more timely manner”.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
