The Australian Securities and Investments Commission has today released KordaMentha Forensic’s third report on the varied licence conditions which commenced in August 2014. The licence conditions relate to steps Commonwealth Financial Planning Limited and Financial Wisdom Limited (the licensees) took in mid-2012 to identify any issues with advice that was provided prior to 2012.
In an update to previous statements, Commonwealth Bank said the report issued today confirms that the licensees took appropriate action to contact more than 4,300 customers in 2015. Approximately $4.9 million in compensation including interest was offered to 185 of these customers.
Commonwealth Bank Executive General Manager Advice Review program, Leif Gamertsfelder, said: “This report shows we have continued to deliver on our commitment to customers and demonstrates the thorough approach we have taken to identify any past issues and put things right for customers.”
Source: CBA
