Commonwealth Bank of Australia begins financial planning business closure

Commonwealth Bank of Australia has started the closure of its financial planning business and will cease providing advice services by Nov. 30.

The closure follows the expansion of the bank's partnership with AIA Australia Ltd., which involves the transfer of the Commonwealth Financial Planning business to AIA Financial Services Ltd., according to an Oct. 26 release.

The Australian bank noted that it will continue supporting customers who have financial advice in progress in order to complete and implement the advice before the end of November.