Open advice review program

Program update

Since the program began we have contacted more than 350,000 households to invite customers to register. Around 23,000 customers expressed interest and around 8,600 requested a review of their advice. Of these, more than 5,300 assessments have been completed and we have made 746 offers of compensation totalling $9.4 million.1

The program’s independent expert, Promontory Financial Group, reports on the program and its progress. The next report is expected to be released in September 2016. For more information on the program you can view the most recent report here.

1 As at 30 August 2016

If you have registered for the program and need more information, please contact us on 1800 507 281 or openadvicereview@cba.com.au

The program closed for new expressions of interest on 3 July 2015.

At no cost to customers, the program provides:

  • An assessment of the financial planning advice they received;
  • Access to an Independent Customer Advocate; and
  • Access to an Independent Review Panel led by retired High Court Judge Ian Callinan AC.

The program is fair, comprehensive and transparent. It demonstrates our commitment to making things right for customers who may have received inappropriate advice.

Please contact us on 1800 507 281 or openadvicereview@cba.com.au

Key features of the program

The program involves a three step process:

  • A review of the past advice is conducted by a specialist Commonwealth Bank team. In conducting a review, the team shares the information it has available with the customer and invites them to provide any information that may be relevant to the review;
  • Once the review is complete the customer receives a written assessment and the offer of an Independent Customer Advocate funded by Commonwealth Bank. The Independent Customer Advocates are the three largest plaintiff law firms in Australia. They are entirely independent of Commonwealth Bank;
  • If a customer is not satisfied with the assessment of their financial advice their Advocate can seek a further review by an Independent Review Panel.

Commonwealth Bank will be bound by the decision of the Panel – but the customer will not. Customers can still go to the Financial Ombudsman Service or pursue a claim at a later point.

The program is overseen by an Independent Expert who makes periodic reports on our progress.

Contact us

  • Call 1800 507 281        
  • Email openadvicereview@cba.com.au
  • Write to us:
    Open Advice Review program
    PO Box 20785
    World Square, NSW, 2002

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