Open advice review program

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Program update

On 15 June 2017, the program’s independent expert, Promontory Financial Group, released its seventh and final report on the Open Advice Review program, which notes that considerable progress has been made towards completion of the program.

The report confirms that the program is reaching its final stages. Reviews were completed and issued to customers in early 2017 and the vast majority of cases – around 90 per cent – have been finalised.

Our dedicated team is available to assist customers or their independent customer advocate to answer any questions about the cases that are currently being finalised.

Since the program began we have contacted more than 350,000 households to invite customers to register. Following this, 22,797 customers expressed interest and 8,654 requested a review of their advice. Of the 8,654 assessments, we have offered approximately $29 million in compensation, including interest.1

For more information on the program you can view the most recent report here.

 

1 As at 31 May 2017

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 among the 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 monitors our progress and has provided public reporting.

 

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