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.

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