Promontory Financial Group (Promontory) today 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.
Commonwealth Bank Executive General Manager, Leif Gamertsfelder, said: “The report confirms that the program is reaching its final stages. Reviews were completed and issued to customers early this year and the vast majority of cases – around 90 per cent – have now been finalised.
“We continue to make sure 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.”
In 2014 Commonwealth Bank set up the most comprehensive review of financial planning advice ever undertaken in Australia. Following an extensive advertising campaign and a mail-out to around 350,000 households, 22,797 customers expressed interest in the program, and 8,654 customers requested a review of their advice.
The seventh Promontory report confirms that the large majority of customers received appropriate advice. Of the 8,654 advice assessments issued to customers, approximately $29 million has been offered or paid to date.
Promontory Financial Group’s seventh report can be viewed on Commonwealth Bank’s website at www.commbank.com.au/openadvice.
Note to editors
About the Open Advice Review program:
The Open Advice Review program is designed to deliver a thorough, fair and consistent assessment for any customer of Commonwealth Financial Planning or Financial Wisdom who may have received financial advice between 1 September 2003 and 1 July 2012.
- 350,000 households were contacted to invite customers to register for the program and an extensive year-long advertising campaign was conducted. Following this, 22,797 customers expressed interest in the program, and 8,654 customers requested a review of their advice.
- Customers have access to the three largest plaintiff law firms in Australia to obtain independent advice at no cost to the customer.
- Approximately $29 million including interest has been offered or paid to date to customers who received poor advice or to refund advice fees.