June 15 (Reuters) - Australia's corporate regulator on Wednesday fined a former unit of top lender Commonwealth Bank (CBA) A$1.7 million ($1.2 million) for charging fees from deceased superannuation members.
The unit, Avanteos Investments, was a part of wealth manager Colonial First State, in which CBA divested its majority stake in 2020 to private equity giant KKR KKR.N .
The Australian Securities and Investments Commission said 499 deceased members with funds in Avanteos pension products were wrongly charged almost A$700,000 because the company failed to update its defective disclosure statements.
The regulator said this was the first instance of a criminal prosecution for a company failing to update its defective disclosure statements.
Avanteos came under scanner https://www.reuters.com/world/asia-pacific/cbas-former-unit-pleads-guilty-pension-fund-charges-regulator-2021-12-08 during an investigation into the "fees for no service" conduct as part of a broader Royal Commission into the country's financial sector in 2018.
The investment platform operator did not immediately respond to a request for comment.
($1 = 1.4461 Australian dollars)
News: CBA Ex-CBA unit fined $1.2 mln for charging fees from dead pensioners
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
$172.14 |
Change
-5.730(3.22%) |
Mkt cap ! $288.1B | |||
| Open | High | Low | Value | Volume |
| $177.89 | $177.99 | $171.55 | $241.2M | 1.385M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 94 | $172.13 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $172.15 | 9 | 1 |
View Market Depth
| Last trade - 14.54pm 22/07/2025 (20 minute delay) ? |
| CBA (ASX) Chart |