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.