1 As at 30 August 2016
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 email@example.com
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.
- Fifth report by Promontory Financial Group (1 June 2016)
- Fourth report by Promontory Financial Group (2 February 2016)
- Third report by Promontory Financial Group (30 September 2015)
- Second report by Promontory Financial Group (29 May 2015)
- Initial report by Promontory Financial Group (19 December 2014)