Briefs: CBA advice review update, Cuscal to acquire SPS
Commonwealth Bank's open advice review program, which is looking into financial advice received by customers of Commonwealth Financial Planning and Financial Wisdom between 2003 and 2012, has received registrations from 4200 customers since July. In an update issued yesterday, CBA said almost all customers who have registered have been contacted. The program offers a free assessment of the quality of previous advice by the bank, and the services of a customer advocate. Fairfax Media reported that at least one customer had not received an information pack from the bank after registering with the review program in early September.Payments company Cuscal will acquire Strategic Payment Services, according to the Australian Financial Review. The deal, estimated to be worth A$37 million, would give Cuscal about 10 per cent of the electronic funds market and allow it to operate on the card issuing and merchant acquiring side of the payment business. SPS is currently jointly owned by Bendigo and Adelaide Bank and MasterCard