ASIC has finalised the new licence conditions for CBA dealer groups Commonwealth Financial Planning and Financial Wisdom, setting out the process for compensation for victims of poor advice.
According to a statement from the corporate regulator issued today, "the conditions are designed to ensure that the customers whose advice was reviewed by the AFS licensees under a past remediation program are:
The move signals the completion of the process announced by ASIC in May, when it first announced it would be taking action against the two bank-owned licensees.
CBA also issued a statement explaining the bank has now "finalised variations to the AFSL licence conditions" for the two dealer groups.
"[Commonwealth FP] is now a significantly transformed business," the statement said.
More to come.
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