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
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
