CBA

Accounting

Accountants doing away with time-based fees

The use of time-based fees by accountants will decline by 12 per cent over the next two years, as firms respond to clients pushing for greater fee transparency, Commonwea...

Financial planning

VOFF accuses ASIC of uneven pursuit of justice

Victims of Financial Fraud has accused the Australian Securities and Investments Commission of failing to investigate some financial crimes and then being uneven in its p...

Policy & Regulation

Treasurer points to knowledge of CBA exits

The Federal Treasurer, Scott Morrison has indicated he has knowledge of executive departures from the Commonwealth Bank in the wake of recent scandals....

Policy & Regulation

CBA agrees to resolve AUSTRAC proceedings

The Commonwealth Bank of Australia has entered an agreement with AUSTRAC to resolve proceedings commenced in August last year, subject to Federal Court approval. ...

Policy & Regulation

Dollarmite manipulation shows bank culture “rotten,” FSU says

The manipulation of youth bank accounts by CBA staff shows that the dominant culture within Australian banks is rotten and must be overhauled, according to the Finance Se...

Policy & Regulation

CBA, ASIC settle rate-rigging case

The Commonwealth Bank has reached an agreement with the regulator to settle legal proceedings relating to claims of manipulation of the Bank Bill Swap Rate....

Financial planning

More AMP board exits canvassed

Newly-appointed AMP chairman, David Murray has acknowledged the possibility of more board exits generated by angry institutional investors at this week’s annual general m...

Policy & Regulation

No customers compromised in 2016 incident, CBA says

In response to media reports, CBA said there was no evidence of customer information being compromised in a 2016 incident in which the bank was unable to confirm the dest...

Financial planning

Commbank concedes it should have acted more promptly

The Commonwealth Bank has conceded it should have acted more promptly in dealing with a breach notice covering orphan clients at Count Financial....

Funds management

CommBank to float CFSGAM

The Commonwealth Bank is to exit its Colonial First State Global Asset Management business via a public float on the Australian Securities Exchange....

Financial planning

Financial planning under scrutiny at Royal Commission

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry will begin scrutinising financial advice with the major banks and AMP ...

Financial planning

CBA points to industry fund vertical integration

The Commonwealth Bank has defended vertical integration and strongly noted that industry funds have gone down the path of vertical integration via asset management, finan...

Policy & Regulation

Orders made in ongoing CBA v AUSTRAC matter

The Federal Court has made orders at the request of both the Commonwealth Bank and AUSTRAC, including a referral to mediation, in the ongoing civil penalty proceedings be...

Financial planning

Union slams CBA’s “toxic sales culture”

The Finance Sector Union has slammed the Commonwealth Bank of Australia for its pressure on staff to meet sales targets. ...

Financial planning

FSU slams CBA over commission conflicts

The Commonwealth Bank yesterday admitted to the Royal Commission that its home loan commission scheme was riddled with conflicts, which the Financial Services Union said ...