CBA takes action to improve wealth business

Company News

by Anna Napoli

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Last Updated: 17/02/2020 12:42 PM

The Commonwealth Bank (ASX:CBA) has announced further actions to improve outcomes for wealth management customers.

The initiatives involve reviewing advice fees charged to deceased estates and taking steps to remove certain fees on legacy wealthy products from January next year.

The bank will rebate all grandfathered commissions to financial planning customers which it says will benefit around 50 000 customer accounts by about $20 million annually.

CBA says the changes form part of its response to specific issues identified through the Royal Commission.

Earlier this year the Royal Commission revealed a CBA owned wealth business had a policy of charging deceased clients fees for financial advice.

Shares in CBA (ASX:CBA) shares closed 0.93 per cent lower to $69.35 yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.