Commonwealth Bank of Australia (CBA) today confirmed it will commence the closure of the remaining Commonwealth Financial Planning (CFP) business and will cease providing advice services by 30 November 2021.

This decision follows a strategic review of the remaining CFP business and the recent announcement to expand CBA’s partnership with AIA Australia (AIA) to include an advice referral arrangement, through the partial transfer of the CFP business to AIA Financial Services Limited, a wholly owned subsidiary of AIA.

CFP customers with life insurance, superannuation and wealth advice needs who meet AIA’s licence and have not opted-out of the transfer are being closely supported with a smooth transition to AIA to help manage their ongoing financial planning needs.

CFP customers who have financial advice in progress will continue to be supported by CFP to complete and implement the advice before 30 November 2021.