The Commonwealth Bank has today provided a quarterly update on the Open Advice Review program to Promontory Financial Group (‘Promontory’).
Promontory is the Independent Expert of the Open Advice Review program and is responsible for monitoring, reviewing and reporting on the program and its progress. Formal reporting from Promontory will commence in early 2015 and will be biannual.
In the interim, the Commonwealth Bank has provided the following update on the Open Advice Review program.
The Open Advice Review program has made key appointments since it was announced. So far, we have:
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About the Open Advice Review program
Commonwealth Bank's Open Advice Review program is designed to deliver an efficient, fair and consistent outcome for any customer of Commonwealth Financial Planning or Financial Wisdom who may have received poor financial advice between 1 September 2003 and 1 July 2012. The program is as follows:
1. Free assessment of previous advice by a specialist Commonwealth Bank team. In conducting the review the specialist team will share the information it has available with the customer and will invite the customer to provide information that the customer has available. Where required, McGrathNicol will provide Independent Forensic Expert advice;
2. The customer will also receive an offer of an Independent Customer Advocate funded by the Commonwealth Bank;
3. Customers who do not agree or are concerned with the assessment will have the option of a further review by an Independent Review Panel, led by the Hon Ian Callinan AC, which will review individual cases and determine whether compensation is payable and, if so, how much;
4. Commonwealth Bank will be bound by the outcome of the Panel’s determination. However, the customer will not be bound and will still have the option of taking the matter to the Financial Ombudsman Service or pursuing a claim in respect of the matter; and
5. Commonwealth Bank will also have its internal processes overseen by the Independent Expert Promontory Financial Group, led by Dr Jeff Carmichael AO, who will make their periodic reports public.
Customer registration for the Open Advice Review program is open by calling 1800 507 281 or visiting www.commbank.com.au/openadvice.
0481 438 377