CBA hit with another financial planning class action



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.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.