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
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.