CommBank to rebate grandfathered commissions

The Commonwealth bank has announced it will rebate grandfathered commissions to Commonwealth Financial Planning customers.

The big banking group announced to the Australian Securities Exchange (ASX) that it would be rebating the commissioners to CFP customers and reviewing its remediation program for any instances where unauthorised advice fees had been charged to deceased estates.

The ASX announcement said the initiatives involved reviewing any advice charged to deceased estates across all the bank’s advice licensees and refunding with interesting any instances where unauthorised fees had been charged, taking steps to remove certain fees on legacy wealth products from January, next year and providing all CFP customers with an option to renew their ongoing service arrangements every two years.

Commenting on the move, Commonwealth Bank Wealth Management chief operating officer, Michael Venter said the changes represented a continuation of the process of reform underway in the wealth management business and formed part of the bank’s response to specific issues identified by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Related Content

Banks see first marginal improvement in customer satisfaction

It seems the scars of the Banking Royal Commission may have already faded a little, with bank customer satisfaction seeing its first marginal improvem...Read more

Australians face uncertain financial future

Almost one third of Australians face an uncertain financial future, a factor which is holding back their happiness in life, according to the study, ai...Read more

ASIC bans inadequately trained planner

A Hobart financial planner who was not adequately trained, despite holding a Dipoma of Financial Planning from Kaplan, or competent to provide fi...Read more



Add new comment