Commonwealth Bank welcomes the release of Promontory Financial
Group’s (Promontory) initial report on the Open Advice Review program, which provides an overview of the program’s structure and independent processes.
Commonwealth Bank Chief Executive Officer, Ian Narev is pleased the report acknowledges the significant progress made in establishing the framework for the Open Advice Review program that is designed to deliver fair and consistent outcomes for all registered customers.
“We believe the initial report prepared by the program’s Independent Expert demonstrates our commitment to transparency. It gives the public visibility of the processes we have established to ensure all registered customers are treated fairly. We hope that this, and future reports to be released by Promontory, will build confidence in the processes we are following and show that we are committed to doing what we said we would do, making things right for our customers,” Mr Narev said.
Promontory will provide regular updates on the development of the Open Advice Review program, including the number of customers that have progressed through various stages of the program. The next report will be released in May 2015.
Promontory Financial Group’s initial report can be viewed on Commonwealth Bank’s website.
About the Open Advice Review program
Commonwealth Bank's Open Advice Review program is designed to deliver fair and consistent outcomes for
any customer of Commonwealth Financial Planning or Financial Wisdom who may have received poor
financial advice between 1 September 2003 and 1 July 2012. The program is as follows:
- Free assessment of previous advice by a dedicated Commonwealth Bank team. In conducting the
review the dedicated team will share the information it has available with the customer and will invite
the customer to provide information that the customer has available. Where required, McGrathNicol
will provide Independent Forensic Expert advice;
- The customer will also receive an offer of an Independent Customer Advocate funded by
- Customers who do not agree or are concerned with the assessment will have the option of a further
review by an Independent Review Panel, led by the Hon Ian Callinan AC, which will review
individual cases and determine whether compensation is payable and, if so, how much;
- Commonwealth Bank will be bound by the outcome of the Panel’s determination. However, the
customer will not be bound and will still have the option of seeking to take the matter to the Financial
Ombudsman Service or pursuing a claim in respect of the matter.
Customer registration for the Open Advice Review program is open by calling 1800 507 281 or visiting