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.
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