Commonwealth Bank admits it broke law over fees

Original article by Sarah Danckert, Clancy Yeates
The Sydney Morning Herald – Page: 3 : 11-May-18

The Commonwealth Bank of Australia has issued a statement acknowledging that its financial planners had breached the Corporations Act by charging fees for services that were not provided. However, the bank has rejected several of the open findings of the senior counsel assisting the banking royal commission with regard to its financial planning division. Meanwhile, Westpac has rejected all of the open findings of the royal commission regarding its financial planning business.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COUNT FINANCIAL LIMITED, COMMONWEALTH FINANCIAL PLANNING LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, RI ADVICE GROUP PTY LTD, M3 FINANCIAL, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, DOVER FINANCIAL ADVISERS PTY LTD

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