ASIC regulator sues Commonwealth Bank over 'conflicted remuneration'

The Australian Securities and Investments Commission (ASIC) has begun legal proceedings against the Commonwealth Bank of Australia (CBA) and its subsidiary, Colonial First State Investments Limited (CFSIL). The case is being brought by ASIC on the grounds of conflicted remuneration, in particular regarding CFSIL's superannuation products. The allegations centre around payments made between 2013 and 2019, which ASIC alleges breached Australia's ban on conflicted remuneration. The regulator is alleging A$22m ($15.2m) was transferred to the parent company (CBA) for a superannuation fund ...