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Mid-tier firm wins CBA compliance contract

A middle-market firm has been appointed by ASIC to examine compliance in two of CBA’s financial planning arms under new AFSL conditions imposed on the bank.

News Michael Masterman 14 November 2014
— 1 minute read

According to a statement by from the regulator, KordaMentha Forensic will report regularly to ASIC the results of their review of past activities by Commonwealth Financial Planning Limited (CFPL) and Financial Wisdom Limited (FWL) to identify high-risk advisers and affected customers, and CFPL and FWL’s compliance with the new conditions.

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ASIC will release the findings, and CFPL and FWL will be required to address any deficiencies identified.

KordaMentha Forensic was appointed compliance expert following a competitive tender process.

ASIC imposed the conditions on CFPL and FWL – and flagged it would appoint an external compliance expert – after a scheme developed to compensate customers of former CFPL advisers was not applied consistently across all affected customers of the two businesses. The conditions include CFPL and FWL offering customers up to $5,000 to have their financial advice independently reviewed.

In a statement, the Commonwealth Bank acknowledged KordaMentha Forensic’s role saying it will involve preparing three reports for ASIC.

“Following the delivery of the first report by KordaMentha Forensic, CFPL and FWL will start contacting customers.”

Mid-tier firm wins CBA compliance contract
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