CBA’s Count Financial indemnity bill continues to rise
The indemnity provided to CountPlus by the Commonwealth Bank as part of its acquisition of Count Financial just keeps paying off for CountPlus.
The publicly-listed accounting and financial planning group announced to the Australian Securities Exchange (ASX) today that that based on information provided by the Commonwealth Banki, the Count Financial Limited remediation provision had been revised from $252 million up to $260 million, subject to audit.
Countplus pointed out that this remained within the $300 million limit of indemnity “for certain post and pre-completion conduct of Count Financial arising from when Count Financial was owned by CBA.
Countplus said remediation amounts would not be known until individual cases had been reviewed and compensation offers made.
Jonsey & ALP totally screwed Advisers leaving MIS out of CSLR. Canberra collectively have blamed Advisers for 25 years for…
Yep would seem APRA have not heard of a Cashout and Recontribution strategy ??????????
Is it not a cost of completing the transaction? Why should it be removed from any analysis, applicable govt charges…
Misleading figures. We’d have millions and millions removed in our client base with LS. Almost 100% came straight back in…
Financial planners, you know exactly what will happen next. Get your wallets out- Cslr bill coming your way!