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
Doubt has been cast on whether Minister for Financial Services, Stephen Jones, will be able to progress the Delivering Better Financial Outcomes reforms within a year.
The financial advice profession should be embracing career changers and mature students, according to two commentators, as well as targeting those new graduates.
With Insignia’s sale of Millennium3 expected to see 140 advisers moving over to WT Financial by mid-December, this could cause a shift in which licensee closes out the year with the most advisers.
A financial adviser has been banned from giving personal advice to retail clients until 2025 after the FSCP found there is a “real risk of harm” to the public’s confidence in the industry if he remains registered.
COMMENTS