ASIC said in statement that it received from Commonwealth Financial Planning (CFPL): In response, ASIC said it is satisfied with the attestation provided by CFPL and the final independent expert report provided by EY and compliance with the obligations under the CEU is now finalised, save for the payment of some remaining refunds due to clients, which is to be done by 30 September 2019. It said CFPL has attested to the following matters as required under the CEU: In January, CFPL was required under the CEU to immediately take all necessary steps to stop charging or receiving ongoing service fees, and not enter into any new ongoing service arrangements with customers. “CFPL had completed those necessary steps by April 2019 and it will also compensate those customers who were charged fees during the period February to April 2019, with refunds and reconciliations to be completed by 30 September 2019,” ASIC said. “CFPL has also confirmed with ASIC that it does not intend to resume charging upfront ongoing service fees going forward, as it transitions to a new service model.” ASIC said it will continue to monitor CFPL’s transition to its new service model. Commonwealth FP completes enforceable undertaking Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine. You can contact him on [email protected].
The securities Securities and Investments commission ( ASIC ) has recommended that Commonwealth Financial Planning ( CFPL ) implemented all recommendations , following its fees for no service providers . CFPL , a division of the Commonwealth Bank of Australia , gave ASIC an independent recommendation from Ernst & Young , as well as an attestation submitted by Angus Sullivan , executive of retail banking services . ASIC indicated it would continue to monitor CFPL as it transitions to a new service model .