Commonwealth Bank of Australia announces initiatives to reform wealth business By Reuters

© Reuters. A view of a Commonwealth Bank of Australia branch in Sydney

© Reuters. A view of a Commonwealth Bank of Australia branch in Sydney

(Reuters) – Commonwealth Bank of Australia on Tuesday launched a number of initiatives to improve its wealth management business, which has come under fire in a high profile-inquiry on the financial sector.

The country’s No. 1 lender will remove certain fees on legacy wealth products and will launch a program to refund customers for any unauthorized advice fees charged to deceased estates, among other initiatives.

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