Commonwealth Bank of Australia to exit aligned advice business

FILE PHOTO: Office workers walk in front of the Commonwealth Bank of Australia building in central Sydney, Australia, February 7, 2018. REUTERS/Daniel Munoz/File Photo GLOBAL BUSINESS WEEK AHEAD

(Reuters) - Commonwealth Bank of Australia <CBA.AX> said on Wednesday it would exit its aligned financial advice business amid increased regulatory scrutiny following an inquiry into the wrongdoings of the country's financial sector.

The lender, Australia's No.1, would stop providing licensee services through its unit Financial Wisdom by June 2020, it said in a statement.

(Reporting by Aditya Soni in Bengaluru; Editing by Shinjini Ganguli)