ASIC puts CBA board on hook

Under new licence conditions imposed on two controversial CBA advice divisions, Commonwealth Financial Planning (CFPL) and Financial Wisdom, the issue of compensation for victims must be on the agenda when the board meets early next week before the bank’s full-year results announcement on Wednesday.

This new compensation process will run parallel to the bank’s own “Open Advice Review Program”, unveiled by CEO Ian Narev last month after a scathing Senate inquiry report found evidence of fraud, forgery and a management cover-up within the financial planning division.

Read more here: SMH


Photo by F0t0Synth

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