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On The Record

CBA delivers on commitment to financial advice customers

CBA delivers on commitment to financial advice customers

Commonwealth Bank notes today’s release by ASIC of its update on industry remediation for ongoing service customers.

Commonwealth Bank has implemented a comprehensive program to make things right for customers.

In 2014 we identified that some customers may not have received all of the ongoing services which they had paid for.

Assessment outcome letters have been issued to over 31,000 customers, and to date we have offered or paid a total of $117.3 million in refunds including interest to customers of our Licensees.

The amount of compensation reflects our position as one of the largest financial planning businesses in Australia, as well as our policy of offering refunds to customers where we could not identify sufficient evidence we had met all our ongoing service obligations. Records have been checked for customers dating back to 2007.

These remediation programs are now 98 per cent complete. For the small number of remaining customers, we are confirming their current contact details or account information so we can make payment as soon as possible.