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Commonwealth Bank of Australia Provides Wealth Management and Mortgage Broking Businesses Update

14 Mar 2019  |  08:00:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Wealth management and mortgage broking businesses update

Commonwealth Bank of Australia provided an update on its remediation and demerger plans for its wealth management and mortgage broking businesses. $610m already paid to customers or provisioned, for refunds (including interest) to address issues relating to advice quality, fees where no service was provided in the Advice business, Credit Card Plus, CommInsure Life Insurance and Loan Protection Insurance, and banking fees and interest. It remains committed to its strategy to become a simpler, better bank, including ultimately the exit of its wealth management and mortgage broking businesses.

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