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Commonwealth Bank Financial Planning

Commonwealth Bank Financial Planning

1.3 from 3 reviews

Reviews

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    Ask for fees before you start

    published

    another cba victim

    another cba victimSouth East Queensland, QLD

    • 2 reviews
    • 2 likes

    The bank of fraud

    published
    BazzT

    BazzT

    • 3 reviews

    Seeking Financial advice for retirement- DO NOT USE CBA FINANCIAL ADVISERS

    published

    Questions & Answers

    erinpmf

    erinpmfasked

    I'm a 76 year old pensioner.
    Has any other elderly person tried to get a refund for 'fees for no service' from the Commonwealth Bank's Colonial First State and been told NO. Then, after lengthy discussions, been made an offer, but then told that they are not entitled to interest/compensation. This contravenes enforcements issued by the Banking Royal Commission.

    2 answers
    another cba victim
    another cba victim

    No the RC only makes recommendations it is then up to the govt to implement any not necessarily all recommendations. Law firms are gathering clients together for class action so keep an eye out for them as this will be your best option. The CBA is simply a filthy bank ....they can be caught with their hands in the money till and continue to deny any wrong doing.I doubt they will ever change their culture as this is where they make their profits from through screwing over their clients.

    erinpmf
    erinpmf

    The thing is that they have already been refunding fees for no service and granting interest to consumers for years now as directed by ASIC in 2015/16.

    https://asic.gov.au/about-asic/news-centre/find-a-media-release/2015-releases/15-081mr-asic-update-on-wealth-management-project-investigation-into-charging-of-advice-fees-without-providing-advice/

    However, as far as I'm concerned 'banking misconduct' has progressed to 'incalcitrant conduct'. I agree that their culture will never change mainly because ASIC, the so called Regulator, was toothless as well as clawless well before the Banking Royal Commission.


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