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Commonwealth Bank Financial Planning

Commonwealth Bank Financial Planning

1.3 from 3 reviews

See the Best Financial Planning Services in 2019 as rated by Australians on ProductReview.com.au.

Reviews

Review distribution

5 star
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1 star
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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

  • 2 reviews
  • 6 likes

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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