Commbank to close FinWis in 2020


The Commonwealth Bank has declared it will cease to provide licensee services through Financial Wisdom by June, next year.
The big banking group used the release of full-year results to the Australian Securities Exchange to announce that it intended to cease providing licensee services through Financial Wisdom by June 2020 and would proceed with an assisted closure.
It said that the Commonwealth Bank would support advisers through an orderly transition to alternative arrangements, including self-licensing and joining another licensee.
“CBA will also continue to manage customer remediation arising from past issues at Financial Wisdom,” it said.
Recommended for you
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.