ASIC has banned CBA's financial planning business from charging any fees or taking on new customers after the regulator determined that the bank hadn’t yet properly fixed the weeping sore of fees for no service.
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ASIC orders CBA financial planning unit to stop taking feesASIC has told Commonwealth Financial Planning to stop charging or receiving ongoing service fees from its customers for failure to meet a court enforceable undertaking.
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Banking royal commission expected to be hard on regulators | Sky News AustraliaWhistleblower Jeff Morris says he believes the banking royal commission will be hard on regulators, after a senate committee in 2014 found that Australian Securities and Investments Commission (ASIC) was a ‘weak and hesitant’ regulator. \n\nMr Morris says that it is clear from the hearings of the royal commission that ASIC and Australian Prudential Regulation Authority (APRA) have been ‘missing in action’ regulators. \n\nCommissioner Kenneth Hayne’s final report will be released on Monday, three days after it was delivered. \n\n\n\n\n\n\n\n\n\n
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Expectations 'very high' for banking royal commission findings | Sky News AustraliaExpectations 'are very high' for the final report from the royal commission into financial services, which will be handed down on Monday afternoon. \n\nTreasurer Josh Frydenberg and his team have had the weekend to look over the report and read the commission's recommendations.\n\nFormer Labor MP Bernie Ripoll, who conducted the Financial Services Inquiry which was key in leading to the banking royal commission, told Sky News that he was 'annoyed and disappointed' that he would have to wait to the final report. \n\n\n\n\n\n
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Banks brace for overhaul ahead of royal commission report | Sky News AustraliaAustralian banks are bracing for the biggest overhaul in generations, with the final report on the banking royal commission due to be released on Monday afternoon. \n\nRoyal Commissioner Kenneth Hayne is expected to recommend civil and criminal prosecutions for some companies and executives. \n\nDuring the course of the hearings, the royal commission reportedly uncovered theft, fraud and cases of unmitigated greed. \n\n\n\n\n\n\n\n
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ASIC orders CBA financial planning unit to stop taking feesASIC has told Commonwealth Financial Planning to stop charging or receiving ongoing service fees from its customers for failure to meet a court enforceable undertaking.
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A consumer's guide to the banking royal commission's final reportThe true reckoning for Australia’s financial institutions looms; the banking royal commission's final report is due on Friday. Here's a consumer's guide to it.
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A consumer's guide to the banking royal commission's final reportKenneth Hayne will deliver his final report to the government this Friday, here's what's likely to be in it and why it matters to you.
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