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.