ASIC publishes KordaMenthas final report on compliance by CBA with financial advice licence conditions

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KordaMentha

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KordaMentha, an independent firm in Asia-Pacific, specializes in cybersecurity, financial crime, forensic, performance improvement, real estate, and restructuring services. With a diverse team of almost 400 specialists, they provide customised solutions to help clients grow, protect from financial loss, and recover value. Trusted since 2002, they deliver bold, impactful solutions for clients.
Links to reports by KordaMentha in their capacity as independent expert to monitor compliance on 2 businesses.
Australia Compliance
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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.

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 CBAreview@kordamentha.com, with a copy to ASIC at kordamenthareport@asic.gov.au.

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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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