A Commonwealth Bank of Australia logo adorns the wall of a branch in Sydney, Australia, May 8, 2017.

The Australian Securities and Investments Commission (ASIC) in June 2020 filed the petition against top lender CBA and Colonial First State accusing it of a scheme where the bank took commission to sell products for its unit from 2013 to 2019, a banned practice known as conflicted remuneration.

CBA sold the pension product to about 390,000 of its customers in branches and online, amassing more than A$22 million ($14.27 million) in fees, the regulator had alleged back in 2020.

The regulator said on Thursday that the court found that the payments made by Colonial to CBA did not constitute benefits within the definition of "conflicted remuneration".
CBA in an emailed response to Reuters acknowledged the judgement, but refrained from commenting any further.
Source: Investing.com
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