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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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Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
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