Commonwealth Bank has started winding up what is left of its financial planning business and will stop providing advice services by the end of next month.

In July, CBA announced the “partial transfer” of Commonwealth Financial Planning to AIA Australia, the local arm of Hong Kong based life insurer AIA Group.

The partial transfer involves CBA transferring customer records with life insurance and simple wealth needs to AIA. This arrangement is subject to individual customers opting out of the transfer.

Certain intellectual property rights of the CFP business will also be transferred and some CFP employees will be given the opportunity to join AIA’s new financial advice business.

Following the announcement of the partial transfer, CBA reviewed the remaining CFP business and decided to wind it up.

CFP customers who have financial advice in progress will continue to be supported by CFP to complete and implement advice before November 30.

CBA also sold CommInsure Life to AIA in a deal that was completed this year. As part of the sale, the two companies entered into a joint co-operation agreement, which includes a 24-year Australian distribution agreement for AIA to provide CBA customers with life insurance products and support.