CBA dealer groups face more scrutiny

ASIC has appointed an external expert to monitor compliance with licence conditions placed on Commonwealth Financial Planning and Financial Wisdom.

The corporate regulator has appointed KordaMentha Forensic to examine operations within the two licensees, on the lookout for “high risk advisers and affected customers” as well as compliance with the licence conditions announced by ASIC earlier this year.

“ASIC will release the findings, and CFPL and FWL will be required to address any deficiencies identified,” said an ASIC statement.

“ASIC imposed the conditions on CFPL and FWL – and flagged it would appoint an external compliance expert – after a scheme developed to compensate customers of former CFPL advisers was not applied consistently across all affected customers of the two businesses.”

 

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