The Australian Securities and Investments Commission has today released KordaMentha Forensic’s second report on the varied licence conditions Commonwealth Bank agreed in May 2014. The licence conditions relate to steps Commonwealth Financial Planning Limited and Financial Wisdom Limited (the licensees) took in mid-2012 to identify issues with advice that was provided prior to 2012.
Commonwealth Bank Group Executive Wealth Management, Annabel Spring, said: “We are committed to doing the right thing for our customers. This report provides another layer of assurance and demonstrates how much we have done and continue to do to identify any past issues and put them right.”
The licensees will now review six customer files from 17 advisers to confirm whether the advice customers received before 2012 was appropriate. This is in addition to previous reviews of their advice that were completed prior to, and including, 2012.
“We will now work with ASIC and KordaMentha Forensic to complete the further reviews. If any customer received poor advice that resulted in financial loss, we apologise and will compensate them.”
Leave a Comment
You must be logged in to post a comment.