Commonwealth Bank notes the release of Promontory Financial Group’s second report on the Open Advice Review program, which provides an update on the program’s overall progress. The report has acknowledged CBA’s ongoing efforts to provide fair and consistent outcomes for customers by ensuring appropriate governance, systems and processes are in place.
This second report, which follows Promontory’s initial update published in December 2014, shows more than 22,000 customers have expressed interest in the program, with around 7,000 confirming they would like their advice assessed. Commonwealth Bank has also implemented a nationwide customer contact awareness campaign through the direct mail-out of letters to around 350,000 households as well as ongoing marketing of the program through national media and targeted community engagement.
The report focuses on the pilot program which was designed by CBA to test the adequacy and robustness of processes that will be used for all customers participating in the program. The Open Advice Review program has now moved to its next stage of reviews.
Promontory was appointed as the Independent Expert for the Open Advice Review program and as such will review the program’s processes with periodic reports on the program’s outcomes. Its initial report assessed the program’s build-phase, and provided an overview of its structure and independent processes. The next report will be released in September 2015.
Promontory Financial Group’s second report can be viewed on Commonwealth Bank’s website.
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: