Money CBA pays $3m after ASIC advice probe

00:55  14 april  2018
00:55  14 april  2018 Source:   MSN

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Last year, CBA admitted to using unscrupulous practices that cheated people out of life insurance payments , and in 2014 Narev publicly apologized after CBA advisors were found to have given customers poor financial advice .

This is the second regulatory probe to be launched this month after the CBA was accused of massive breaches of money-laundering rules. The move heightens pressure on the Australian government to hold a broad parliamentary probe into the banking sector.

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Commonwealth Bank has agreed to pay $3 million after the corporate watchdog found two of the lender's financial planning arms charged customers millions of dollars for advice they did not receive.

The Australian Securities and Investments Commission on Friday said Commonwealth Financial Planning and BW Financial Advice had been unable to prove they had advised about 31,500 customers between 2007 and 2015.

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ANZ bank will pay $ 3 million after an investigation found the lender failed to provide more than 10,000 customers annual reviews of their investments . ASIC conducted an investigation in 2015 into the Australian financial services sector in relation to the failure to deliver ongoing advice services to

ANZ Bank will pay $ 3 million and has pledged to overhaul processes in its financial advice business after failing to give more than 10,000 customers annual reviews of their investments. The Australian Securities and Investments Commission ( ASIC )

ASIC said CBA, which discovered the problem and reported it to ASIC in 2014, has almost finished paying $88.6 million in compensation to customers.

Commonwealth Bank © REUTERS/Daniel Munoz Commonwealth Bank CBA chief executive Matt Comyn, who took charge of the bank on Monday, said the lender recognised its failures.

"This is unacceptable and we owe our customers an apology for letting them down," Mr Comyn said.

The so-called "community benefit payment" of $3 million was part of an enforceable undertaking entered into by the CBA subsidiaries, which included using independent financial auditor EY to assess its processes and to provide public updates on what it is doing to remedy failings.

Rival lender ANZ last week also made a $3 million undertaking after ASIC said the bank failed to provide more than 10,000 of its customers with annual reviews of their investments.

ANZ's final compensation figure is estimated to be $46.85 million.

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