The Australian Securities and Investments Commission (ASIC) has confirmed that Commonwealth Financial Planning (CFPL) implemented all recommendations, following its fees for no service conduct. CFPL, a division of the Commonwealth Bank of Australia, sent ASIC an independent report from Ernst & Young, as well as an attestation signed by Angus Sullivan, executive of retail banking services. In response to questions about whether it had taken any action against CFPL.
The Australian Securities and Investments Commission (ASIC) has confirmed that Commonwealth Financial Planning (CFPL) implemented all recommendations, following its fees for no service conduct. CFPL, a division of the Commonwealth Bank of Australia, sent ASIC an independent report from Ernst & Young, as well as an attestation signed by Angus Sullivan, executive of retail banking services. ASIC said it would continue to monitor CFPL as it transitions to a new service model.