As per the media release by ASIC (or Australian Securities & Investments Commission), Commonwealth Financial Planning Limited was unable to give attestation as well as independent expertâs acceptable Final Report to Australian Securities & Investments Commission. These were needed from Commonwealth Financial Planning Limited under Court Enforceable Undertaking which was entered with Australian Securities & Investments Commission in the month of April 2018 with regards to fees of Commonwealth Financial Planning Limited for no service conduct.Â
The media release by Australian Securities & Investments Commission stated that Commonwealth Financial Planning Limited would now have to stop levying or even stop receiving the services fees (ongoing) with regards to the customers as well as they would not be entering into new ongoing service arrangements with the customers. The Enforceable Undertaking was started on April 9, 2018. Commonwealth Financial Planning Limited needed to give final report from Ernst & Young which contains information that whether or not Commonwealth Financial Planning Limited adopted certain measures which focuses on customersâ remediation targeting those customers which were impacted by the fees of Commonwealth Financial Planning Limited for no service conduct as well as examine whether or not systems, processes as well as controls of Commonwealth Financial Planning Limited are adequate.
Secondly, Commonwealth Financial Planning Limited was also required to give attestation from the Commonwealth Bank âaccountable personâ under Banking Executive Accountability Regime regarding remediation program of Commonwealth Financial Planning Limited as well as it's systems, processes as well as controlsâ adequacy. Ernst & Young had given the second report, on January 31, 2019, which highlights concerns with regards to remediation program as well as compliance systems and processes of Commonwealth Financial Planning Limited. Also, Commonwealth Bank of Australiaâs accountable person gave written update to the Australian Securities & Investments Commission with respect to remediation program as well as work which has been carried out with regards to systems, processes as well as controls of Commonwealth Financial Planning Limited. Considering the concerns brought to notice by an independent expert as well as Commonwealth Bank of Australiaâs written updateâs contents, the Australian Securities & Investments Commission is of the view that notification didnât meet Australian Securities & Investments Commissionâs requirements under Enforceable Undertaking for acceptable attestation.
We would now have a look at how Commonwealth Bank of Australia (ASX:CBA) has been performing today (i.e. February 4, 2019) and how it has performed earlier. On February 4, 2019, at the time of writing Commonwealth Bank of Australia is trading in green as the stock price witnessed the rise of A$0.550 per share or 0.788% and is presently trading at A$70.310 per share. The market capitalization of Commonwealth Bank of Australia happens to be $123.49 billion and the annual dividend yield is 6.18%. Talking about the past performance, in the time span of previous 6 months, Commonwealth Bank of Australiaâs stock has delivered the return of -5.36% while in the time frame of previous 3 months, the bank posted return of 1.19%.
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