CBA to exit aligned financial advice

Commonwealth Bank is exiting the last of its aligned financial advice businesses following last year’s financial services royal commission.

Australia’s biggest bank, which has already significantly reduced its exposure to financial advice, says it will stop providing licensee services through Financial Wisdom by June and help it close.

CBA said on Wednesday it had provisioned $918 million in the past financial year for customer remediation arising from failings including in aligned advice, and that it will continue to manage such compensation related to Financial Wisdom.

AAP

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