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Showing 1 - 8 of 8 results for "FWL"

CBA updates on class actions, governance review

ELIZA BAVIN  |  WEDNESDAY, 11 FEB 2026
... advice class actions. The action was filed in 2020 against Commonwealth Financial Planning (CFP), Financial Wisdom Limited (FWL) and CMLA. The claim related to certain CMLA life insurance policies recommended to clients by financial advisers. The action ...

CBA sets aside $52m for remediation

ELIZA BAVIN  |  WEDNESDAY, 13 AUG 2025
... advice space, CBA gave an update on the class action filed against Commonwealth Financial Planning (CFP), Financial Wisdom (FWL) and CMLA in August 2020 relating to CMLA life insurance policies recommended by financial advisers appointed by CFP and FWL. ...

Court orders new group definition in CBA advice class action

KANIKA SOOD  |  WEDNESDAY, 23 JUN 2021
... to better qualify inclusion of advice clients who suffered a loss. The applicants wanted everyone who was advised by CFP or FWL on CommInsure products since 21 August 2014, regardless of whether or not they paid excess premiums or the way they received ...

More CBA-aligned advisers under scrutiny

DARREN SNYDER  |  THURSDAY, 17 DEC 2015
Client files of an additional 17 advisers at Commonwealth Financial Planning (CFPL) and Financial Wisdom (FWL) are to be reviewed for potential inclusion in a compensation program. This is the key finding in KordaMentha Forensic's second report on past ...

CBA's advice review compensates 19 clients

LAURA MILLAN  |  WEDNESDAY, 30 SEP 2015
... been made in retrieving customer files of CFPL customers, the retrieval of files for customers of [Financial Wisdom Limited] FWL advisers remains a challenge for the Bank." Promontory said that as of 19 August CBA "was still retrieving hard-copy files ...

Report confirms failed CBA compensation

LAURA MILLAN  |  THURSDAY, 23 APR 2015
... and Investments Commission (ASIC) enforceable undertaking to Commonwealth Financial Planning (CFPL) and Financial Wisdom (FWL) in 2011. Despite being under ASIC's surveillance, in 3,452 of the 4,330 cases assessed in the Compensation Program, clients ...

CBA apologies again, refutes reckless culture accusations

LAURA MILLAN  |  FRIDAY, 27 JUN 2014
... statement. "The Group takes very seriously the past events in [Commonwealth Financial Planning] CFP and [Financial Wisdom] FWL. The Group has worked openly and transparently with the Senate Committee and ASIC throughout the inquiry." However, the bank's ...

CBA forced to review poor compensation methods

LAURA MILLAN  |  MONDAY, 19 MAY 2014
... independent advice was not applied consistently." The bank reiterated that "it deeply regrets that a number of former CFPL and FWL advisers did not provide quality advice to some customers in the past." However, it added that Commonwealth Financial Planning ...
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