Commonwealth FP confirms exit of 2011 EU
While Commonwealth Financial Planning received much adverse publicity in the latter half of 2013, it actually managed to complete all the requirements of the enforceable undertaking (EU) entered into with the Australian Securities and Investments Commission (ASIC) in 2011.
The media attention given last year to the 2011 enforceable undertaking was one of the factors which prompted the establishment of a Senate Committee of inquiry into the operations of ASIC and the manner in which it handled the Commonwealth Financial Planning issue.
However supporting documentation within the Commonwealth Bank’s half-year results revealed a relatively positive outcome for the planning division.
It said that during the half year, Commonwealth Financial Planning “successfully completed all requirements of an enforceable undertaking entered into with ASIC in 2011”.
Elsewhere in the divisional analysis, it said operational expenses within wealth management increased 5 per cent on the prior half due to inflation-related salary increases and a weaker Australian dollar.
It said the business had continued to deliver regulatory compliance programs, with Stronger Super and Future of Financial Advice (FOFA) reforms successfully implemented from 1 July, 2013.
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