Commonwealth Bank of Australia said on Thursday it had halted preparations for t...
SYDNEY - Commonwealth Bank of Australia said on Thursday it had halted preparations for the planned demerger of its wealth management and mortgage broking businesses, amid regulatory uncertainty and unfinished work to compensate wronged clients.
The halt comes ahead of a federal election expected in May which has cast doubt over the mortgage-broking business model, with the Labor opposition vowing to cap most broker commissions and ban certain others to remove conflicts of interest. However, it unexpectedly sold its asset management arm - seen as the crown jewel of the proposed new delisted company - to Japan’s Mitsubishi UFJ Financial Group.
The conservative ruling coalition initially supported the ban but, in the face of heavy lobbying from the mortgage broking industry, said this week it would no longer seek to abolish trailing commissions. CBA has disclosed a record A$1.4 billion in refunds and administration costs over the last five years as it tries to fix problems highlighted by the public inquiry.
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