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
The RBA has made its latest interest rate decision at the the final monetary policy meeting of 2025.
State Street is actively seeking to launch ETFs in the Australian government, corporate and high yield bond space next year in order to capitalise on the phase-out of AT1 hybrids.
Greater consistency across the ASIC adviser exam has helped boost the number of first-time candidates this year with many opting to sit before undertaking a Professional Year.
Financial advice practice Eureka Whittaker Macnaught is in the process of acquiring three firms to boost its annual revenue to $25 million.
