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.

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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.

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I hope this has net set a precedent as this will mean the ruin of self employed financial planners and create economic havoc in this country.

How do I let CBA and others know I am available to do compliance work? Aged 73 but only retired for cancer treatment and now 5 years all clear. Over 30 years in the advice business as non institution adviser always with Dual qualified ( accounting and financial advice) friends as my Licensee. I have non relevant ( actually very relevant ) degree and 15 years in Land Surveying in property development, farming, construction and mining before changing to financial advice and planning mid 80s . Now excluded from re-entry to advice thanks to FASEA etc . Joke. My brain is as fresh as in my youth and a lot wiser. I am highly literate and technically competent. But I have not had to apply for a job since I became self employed at age 28.

Paul Meleng CBA has no need for washed up unprofessional people like you. You lack the intelligence to contact CBA or a recruitment firm.
lots of formal qualifications with no common sense
You are where you belong on the industrial scrap heap
You obviously are an ex bank financial planner who believes the world owes you a living. You helped create the industry problems and now you want a second bite of the cherry. The nerve of people like you. Go back to playing lawn bowls and bingo and stories of how you created everything and leave us to clean up after your historical action mess. Leave it to the real generation. Generation Y

Wow.....Gen Y. !
Are you representative of their general attitude ?
If you are, I pity your parents.....or perhaps you have already eaten them alive because they questioned why you hadn't tidied your room.

Agent 86 I like your style! Funny but accurate. I wouldn't waste breath on this miscreant, it's obviously either of unsound mind or else more likely an ISA/Labor troll aiming to spread disharmony.

Joey, you like to spread false news. Surely someone calling themself Agent 86 is some form of troll. What kind of troll does not matter. Joey, your previous comment and writing style are identical to David Whiteley from Industry Super Fund Australia. Very clever assuming the name Joey and embarking on a generational war. You will need to try harder David Whiteley. I am sure your members will be happy with your productive time on money management instead of working for your members interests

What's the point of screening comments when absolute piles of hot garbage with no value add get approved anyway?

Money management does a great job. Whats wrong Sean? Your generation made financial planning the mess it is now and our generation Y is left to pick up the pieces. Is your resentment caused by your jealous desire to be Generation Y
Sean go back to wasting your money eating smashed avocado. I am sure Tammy May will put you on her advertisements for mybudget

Agent 86 you are not generation Y.
We are the greatest generation
We pay the price for the past actions of you agent 86
We have youth, intelligence, qualifications and time and we know how to use money
Live at home saves on rent and food
While you waste money on rent and smashed avocado and are forced to get help from mybudget
We are the generation that have clean hands. No wrongdoing unlike all the other generations. We are not driven by money. We are hardworking and love people I might get in trouble for not having a tidy room but at least I know how to act in a clients best interest. Can you say the same? Agent 86 you generation was not capable of making financial planning a profession but generation y will. Youth is a beautiful thing.All the other generations will be gone and we will be in charge

I am 34, making me a part of your " greatest generation " you self indulgent provocateur.
You sound all edgy and irritable...maybe it's time for another hit from your dealer or you have been grounded from playing Fortnite.

Agent 86 I am 25 which based on my brilliant grasp of mathematics makes me 12 years younger than you.
Fortnite is for babies.
Our greatest generation prefer to play FPS games like Call of Duty or MMORPG games like Guild Wars 2. FPS = First Person Shooter and MMORPG = Massively Multiplayer Online Role Playing Games. You would have been lost without my explanation.
With our youth, intelligence and qualifications we will inherit this earth.
Under our guidance financial planning will become a profession worthy of the highest accolades.
All hail Generation Y!

As said before; twat.

"Agent 86 I am 25 which based on my brilliant grasp of mathematics makes me 12 years younger than you."
I'm unsure as to whether this is intentionally obtuse &/or sarcastic (?)... at the age of 34, I'd suggest that Agent 86 has 9 years of seniority on your 25 years. Not 12 years, as you've opined, no doubt based on your "brilliant grasp of mathematics"

Agent 86 you do not represent the majority of Generation Y only a fringe minority. How would you know about these activities unless you engage in these activities? Using the name Agent 86 are you one of the drug dealers whom sell mdma tablets at music festivals? Generation Y? I do not think so more like the lost generation.

I'm a Gen X planner and to be honest I feel the same way as Gen Y and CBA insider. 20 years ago I became a planner and 20 years on nothing has changed. The FPA is still getting kickbacks from CBA in return for new members. Most planners just sit back and hope their fat bank aligned dealer group will look after them. Or their corrupt FPA will act in their interest. Well how has that worked out for you??????

As soon as we get rid of these fat old planners who sat back and paid membership fees to the FPA for 20 years and the value they added to the industry is a net outcome of being able to witness a Stat dec, FASEA, so much red tape ordinary Australians are excluded from advice, Optin FDS, and lastly Royal Commission. If that is the legacy it best you leave now.

Younger planners are 1) aiming to become self licensed or wanting to work for licensed firms 2) highly educated 3) won't be joining associations that get payments from product providers. It's like joining the AMA and getting payments from Tobacco companies. Sooner this happens then we'll reduce red tape and have less compliance and advice will be affordable for all Australians again.

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