CBA dealer groups face more scrutiny

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.”

CBA dealer groups face more scrutiny

Reporter

Last Updated: 14 November 2014 Published: 14 November 2014