Frozen funds still paying CBA planners: report

Frozen funds still paying CBA planners: report

By Staff Reporter

The report says a spokesperson for the bank indicates former Commonwealth Bank planner Don Nguyen, who is at the centre of the lender’s financial advisory scandal, does not receive ongoing commissions.

Financial planners with Commonwealth Bank of Australia are reportedly still receiving commissions and fees for pushing clients towards funds that have since been frozen for six years.

According to Fairfax Media, seven funds that were frozen as the global financial crisis took hold are still paying money to Commonwealth Bank financial advisers.

Last week, a Senate committee released a report slamming the bank's practices and recommending a royal commission inquiry and the exclusion of Commonwealth Bank from the process deciding compensation for the victims.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

Read more here: Business Spectator


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