CBA to pay $3 million

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.