The Australian Securities and Investments Commission (ASIC) has annulled the Australian financial services license (AFSL) of Advice Essentials, the advice group of Commonwealth Bank.
The cancellation was done upon a request from the CBA.
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The advisers who are operating under the license will now be transitioned to the license of Commonwealth Financial Planning (CommFP).
CBA had cross-endorsed nearly 20 of the Advice Essentials planners to other CBA licensees and has transitioned them to CommFP before placing the request with ASIC, according to Money Management.
The move by the corporate regulator follows a similar license invalidation of CBA-owned bank Whittaker Macnaught earlier in March this year.
The bank then requested the move after shifting Whittaker Macnaught planners to the Financial Wisdom licence.
Launched in 2009, Advice Essentials initially provided scaled advice to Colonial First State investment clients. Following the isolation of CBA’s Wealth and Investment businesses, Advise Essentials provided the services to the CBA licensees Financial Wisdom, Commonwealth Financial Planning and BankWest after CBA spilt its Wealth and Investment businesses.
