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CBA puts demerger on hold
The Commonwealth Bank has decided to delay the demerger of its wealth management business to allow it time to complete its client remediation obligations.
The bank announced to the Australian Securities Exchange (ASX) today that it was prioritising the recommendations of the Royal Commission and had therefore suspended preparations for the demerger.
The big banking group reaffirmed the amount of $1,460 million provisioned to address the remediation issues
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While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
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