CBA to pay $3 mil­lion

Weekend Gold Coast Bulletin - - BUSINESS -

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 says Com­mon­wealth Fi­nan­cial Plan­ning and BW Fi­nan­cial Ad­vice could not prove they had ad­vised about 31,500 cus­tomers be­tween 2007 and 2015.

ASIC says CBA has al­most fin­ished pay­ing $88.6 mil­lion in com­pen­sa­tion to cus­tomers.

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