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ASIC publishes KordaMentha’s final report on CBA’s compliance with financial advice licence conditions

ASIC has today published KordaMentha Forensic’s final report pursuant to its appointment by ASIC as the Compliance Expert relating to two CBA financial planning businesses.

Insights ASIC publishes KordaMentha’s final report on CBA’s compliance with financial advice licence conditions
Wednesday, 10 April 2019
The report has been published by ASIC. This report relates to the last of CBA’s advice compensation program under the licence conditions.
 
KordaMentha Forensic has now produced five reports since the licence conditions took effect.
 

Background

KordaMentha Forensic was appointed on 14 November 2014 (ASIC media release 14-302) as the independent expert to monitor compliance with additional Australian Financial Services Licence conditions imposed by ASIC on two CBA financial planning businesses, Commonwealth Financial Planning Limited and Financial Wisdom Limited.
 
The first KordaMentha Forensic report, Comparison Report, was issued on 23 April 2015 (ASIC Media Release 15-083).
 
The second KordaMentha Forensic report, Identification Report, was issued on 17 December 2015 (ASIC Media Release 15-390).
 
The third KordaMentha Forensic report, Compliance Report Parts 1 & 2, were issued on 5 December 2016 (ASIC Media Release 16-415).
 
The fourth KordaMentha Forensic report, Compliance Report Part 3, were issued on 23 January 2018 (ASIC Media Release 18-018).
 
All queries related to the content or to any use of this report must be addressed to KordaMentha Forensic at [email protected], with a copy to ASIC at [email protected].
 
Please note: KordaMentha Forensic is not handling complaints from customers of Commonwealth Financial Planning Limited or Financial Wisdom Limited. If you have a report of misconduct, please lodge it with ASIC here.