Australian banking giant shuts down financial planning arm
Division will ‘cease providing advice services by November 2021’
CBA
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US private equity firm buys 55% stake in Aussie wealth company
‘Further investment over the coming years’ will bolster its retirement planning offering
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Aussie regulator eyes penalty for investment firm
Regarding potentially misleading superannuation default products
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Australians to sue over excessive life insurance premiums
They allege that a subsidiary of Commonwealth Bank pushed them into overpriced policies
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PEOPLE MOVES: Fairstone, Gam, Quilter Cheviot
Advice firm hires CFO, as asset manager names chief operating officer
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Australia’s big banks pay out A$120m for bad advice
NAB splashed the most cash at A32.4m for cases which involved a record number of 81 financial advisers
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Australian bank halts wealth management demerger
Update follows CBA’s commitment to prioritise recommendations from the Royal Commission
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CBA to sell global asset management business
Australian bank also hires CEO and CFO for its wealth management and mortgage broking operation
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PEOPLE MOVES: Goldman Sachs, Invesco, Fulcrum
Goldman Sachs in Asia Pacific leadership reshuffle
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Aussie regulator reveals findings in ‘fees for no service’ case
Investigator concludes that Commonwealth Bank subsidiaries ‘took all reasonable steps’ to remedy clients
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CBA’s wealth management spin-off surprises market
The Commonwealth Bank of Australia (CBA) is to de-merge its wealth management and mortgage businesses and undertake a review of its general insurance business, with a view to potentially selling it.
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Jaw dropping moments from Australia’s Royal Commission
It’s squeaky bum time for senior executives as Australia’s banking, superannuation and financial advice firms face the intense scrutiny of a Royal Commission. Click through the slides below to read some of the incredible moments from the first week of the review into financial advice.