Promontory Financial Group today released its sixth report on the Open Advice Review program, which provides a program update to 31 August 2016, and details recent refinements to the program’s processes.
Commonwealth Bank Executive General Manager Advice Review program, Leif Gamertsfelder, said: “Over 90 per cent of all registered cases which require an assessment have now been issued an assessment outcome or have commenced assessment, which is acknowledged by Promontory in its latest report.”
The report also notes that the progress that the program is making reflects its mature state. This follows significant investments made by the Commonwealth Bank to increase resourcing and capacity during 2014 and 2015.
The report confirms 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 5,400 assessments completed at 31 August 2016, we have offered $9.8 million in compensation to customers.
Commonwealth Bank notes that strong progress is continuing. As at the end of September 2016, the program has assessed over 6,000 cases and offered approximately $11 million in compensation. We are on track to issue all assessments by the end of this calendar year.
Promontory Financial Group’s sixth report can be viewed on Commonwealth Bank’s website at www.commbank.com.au/openadvice.
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 contacted inviting customers to register for the program
- Over 6,000 case assessments issued to customers
- Approximately $11 million offered in compensation
- Transparency through independent reports by Promontory Financial Group which are issued every 4 months
- Customers have access to the three largest plaintiff law firms in Australia at no cost to them
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.