Commonwealth Bank of Australia (CBA) has “suspended” the sale of its wealth management operations, including its financial advice business, to concentrate on Hayne royal commission recommendations.

“CBA is prioritising the implementation of these recommendations, refunding customers and remediating past issues,” it says in an Australian Securities Exchange announcement.

“CBA has suspended preparations for the demerger in order to support the focus on these priorities.”

A spokesman told insuranceNEWS.com.au a strategic review of the bank’s general insurance business is proceeding as planned.