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.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.