CBA leads major banks plotting a return to advice
Reform of financial advice laws, as recommended by Michelle Levy’s quality of advice review, would be likely to entice Commonwealth Bank back into offering wealth management services.
CBA group executive of retail banking services Angus Sullivan told The Australian Financial Review’s AFR Editors Forum it was positioning itself for a first mover advantage should the government act on Levy’s reforms, as the other major banks maintain less ambitious goals, such as helping customers with basic budgeting.
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