Commonwealth Bank finalised an enforceable undertaking with ASIC on Friday over the bank's version of the "fees for no service" snafu, a mischief practiced by all large banks in recent years. This is CBA's seventh enforceable undertaking agreed with ASIC over more than a decade, and the second relating to its financial advice business. Fees for no service will be the first topic considered at the second round of hearings by the Royal Commission into banking misconduct, which kicks off in Melbourne this morning. CBA is the first of the four major banks listed as a case study, with a witness from the bank likely to be examined tomorrow.ASIC said in a media release that it found that Commonwealth Financial Planning Limited and BW Financial Advice Limited - both wholly owned subsidiaries of CBA - "failed to provide, or failed to locate evidence regarding the provision of, annual reviews to approximately 31,500 'ongoing service' customers in the period from July 2007 to June 2015."CBA, for its part, said it "worked with independent experts, Deloitte and EY" on a refund program that "involved reviewing approximately 62,000 customer files and making payments of approximately A$88 million (plus interest) to affected customers."In the enforceable undertaking, CBA and ASIC clarified that this aggregate payment is in the order of $90 million. This amount may rise a little as CFPL and BWFA review outstanding files.The bank must also "pay a community benefit payment of $3 million."ANZ was another bank to sign off with ASIC on an enforceable undertaking with the same theme only a week ago and, like CBA, just in time to exhibit to the Royal Commission.