The Commonwealth Bank has agreed to release $2.2 million for customers who had money left on expired Travel Money Cards following concerns expressed by the corporate regulator.
In a statement released by ASIC yesterday, the regulator said the CBA has made changes to all its Travel Money Cards so consumers will not forfeit any funds on expired cards.
“Instead, any expired funds will be held by the CBA for three years and, if they remain unclaimed by consumers, will be treated as unclaimed money,” a statement from ASIC said.
When financial failures occur and accountability can’t be pinpointed clearly, often it is the adviser that gets ...
When dealing with high-risk investment portfolios and platforms, it is important advisers manage expectations even when ...
Orbis Investments has added a new marketing head to extend its reach to advised retail investors as part of its “next ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin