Ceasing ongoing service fees to cost CBA $40m
The Commonwealth Bank has acknowledged a $40 million cost resulting from the cessation of ongoing services fees for its salaried financial planners.
In an announcement released to the Australian Securities Exchange (ASX) almost at the same time as the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the big banking group said it accepted the requirements entailed in an Australian Securities and Investments Commission enforceable undertaking.
Commenting on the move, CBA group executive, Retail Banking Services, Angus Sullivan, said the bank had accepted the requirements of ASIC included in the enforceable undertaking and would take immediate steps to comply.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
