.
The bigger budget will reimburse customers of CBA's aligned adviser businesses, including Count Financial, Financial Wisdom and CFP-Pathways. The bank said a significant amount of money had been spent already on a comprehensive program to ensure all customers who had been charged fees for no service or inappropriate advice would be compensated.The increased provision assumes an average refund rate of 37 per cent of the ongoing service fees collected over the past decade.
The bank did not rule out increasing its budget for customer remediation. "While these additional provisions are estimates, that may change. CBA believes it has adequately provided for these issues. CBA will continue to monitor the adequacy of these provisions," the bank said in a statement.CBA sold its financial planning arm Count Financial for a paltry $2.5 million in June last year after buying the network of financial planners for $373 million in 2011.
Count Financial said this had been expanded to $300 million and could be further increased under certain triggers relating to the discovery of further misconduct. "Remediation amounts will not be known until individual cases have been reviewed and compensation offers made," the company said in a statement.to be charging dead customers for financial adviceSince the royal commission, CBA has accelerated its exit from wealth management. In June this year, one of its aligned businesses Financial Wisdom closed and advisers working at another business CFP-Pathways were allowed to transition to a self-licensing arrangement or move to another licensee.
they hired graduate execs but they were creative in manipulation skirting the laws The bank was happy with rolling billion$ profit
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