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On The Record

Open Advice Review program completes all advice assessments

Open Advice Review program update: 07.02.17

07 February 2017

Commonwealth Bank welcomes Promontory Financial Group’s update today, confirming that the Open Advice Review has completed all assessments for customers registered with the program.

Commonwealth Bank welcomes Promontory Financial Group’s (Promontory) update today confirming that the Open Advice Review program (OARp) has completed all assessments for customers of Commonwealth Financial Planning Limited (CFPL) and Financial Wisdom Limited (FWL) who requested a review of their financial advice. 

Commonwealth Bank Executive General Manager Advice Review program, Leif Gamertsfelder, said: “The update from Promontory today is another step towards our goal of putting things right for customers who received poor advice in the past and providing reassurance to the large majority of customers who received appropriate advice at the time.

“In cases where a customer received poor advice and lost money as a result we have apologised and offered compensation. Of the more than 8,600 assessments completed, we have offered approximately $23 million in compensation, including interest.

“Our priority now is to work with customers who are considering their assessment outcome, or their independent customer advocate, and respond to any queries or address any concerns they have as soon as possible,” Mr Gamertsfelder said. 

Promontory is currently completing its independent review of advice assessed through the Open Advice Review program and is expected to release a final report on 31 March 2017.

 

Note to editors:

About the Open Advice Review program

The Open Advice Review program was established in July 2014 to deliver a thorough, fair and consistent assessment for any customer of CFPL or FWL who may have received financial advice between 1 September 2003 and 1 July 2012.

Key facts:

  • Over 350,000 households were contacted inviting customers to register for the program and a year-long national awareness raising campaign was conducted;
  • Over 8,600 customers who registered for the program have had their advice assessed;
  • Approximately $23 million offered in compensation to date;
  • Transparency through independent reports by Promontory Financial Group which are issued every 4 months; 
  • Customers have access to an independent customer advocate from one of the three largest plaintiff law firms in Australia at no cost to the customer.

Expressions of interest for the Open Advice Review program closed on 3 July 2015. For more information, please call 1800 507 281 or visit www.commbank.com.au/openadvice.