Commonwealth Bank (AUD) has been forced to pay CBA 4.96m ($3.7m) in compensation to 185 clients who suffered "devastating losses" thanks to bad financial advice, following changes in licence conditions, in the according to a report by by KordaMentha Forensic. The report revealed the new licence conditions forced the AUD to offer "thousands" of clients CBA 5,000 to have their financial advice reviewed. The AUD previously paid CBA 26.97m to 707 customers who suffered "devastating" investment losses under 15 of the bank's former advisers.
Commonwealth Bank (CBA) has been forced to pay AUD 4.96m ($3.7m) in compensation to 185 clients who suffered "devastating losses" thanks to bad financial advice, following changes in licence conditions, in the according to a report by by KordaMentha Forensic. The report revealed the new licence conditions forced the CBA to offer "thousands" of clients AUD 5,000 to have their financial advice reviewed. The CBA previously paid AUD 26.97m to 707 customers who suffered "devastating" investment losses under 15 of the bank's former advisers.