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
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
