Promontory Financial Group today released its fourth report on the Open Advice Review program, which provides an update on work done by the program to 31 December 2015, and details further refinements to the program’s processes.
Commonwealth Bank Executive General Manager Advice Review program, Leif Gamertsfelder, said: “This report outlines the progress we have made in the program to deliver assessments in a thorough, fair and consistent way, which is our priority.
“The report shows that our investment in building the program’s infrastructure has increased our capacity to assess advice, and deliver on our commitment to do the right thing by customers.”
To date the reviews have confirmed, with independent oversight, that the large majority of customers whose advice has been assessed, received appropriate advice. If customers received poor advice, we will apologise and where this has resulted in financial loss, we compensate them.
Of the more than 1,900 assessments completed at 31 December 2015, 171 offers of compensation totalling $2.9 million have been made to customers.
Promontory Financial Group’s fourth report can be viewed on Commonwealth Bank’s website.
About the Open Advice Review program
The Open Advice Review program is designed to deliver a thorough, fair and consistent outcome 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.
Since the program began, more than 350,000 households have been contacted to invite customers to register. Around 23,000 customers expressed interest in the program and 9,000 have requested a review of their advice.
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.