ASIC has released the final compliance report on the conditions it placed on Commonwealth Financial Planning and Financial Wisdom in 2014.
Commonwealth Bank has paid a further $2.3 million to 232 clients advised by five of its advisers, according to KordaMentha Forensic's fifth and final report.
This takes CBA's total remediation bill in relation to the issues and other identified throughout the review to $9.3 million.
The initial action stems from Commonwealth FP and Financial Wisdom's failures to apply review and remediation processes consistently to customers of 15 financial advisers, disadvantaging some customers.
The additional licence conditions required CBA to offer compensation for inappropriate advice that caused financial loss and offer affected customers, in addition to up to $5,000 to get independent advice from an accountant, financial adviser or lawyer.
As a part of the final report, KordaMentha assessed compliance at Financial Wisdom and Commonwealth Financial Planning with the processes they were required to follow under the licence conditions.
"The compliance breaches identified were failures by CBA to meet strict deadlines for providing information to. CBA subsequently rectified these failures by writing to the clients after the deadlines," the report states.
"As a final step, before ASIC makes a decision on the removal of the additional licence conditions, the boards of directors of Commonwealth Financial Planning Ltd and Financial Wisdom Ltd must confirm in writing to ASIC that the licensees have complied with the additional conditions."
KordaMentha also found both licensees had taken reasonable steps to identify potentially high-risk advisers, but had not adequately reviewed advice given by 17 of those advisers. To address this, KordaMentha Forensic prescribed the scope of the additional reviews (of the 17 advisers) that the licensees had to undertake.