Help & support
Count Financial Limited (Count Financial)1 was a wholly owned subsidiary of the Commonwealth Bank of Australia (CBA)2 from December 2011 to September 2019. Count Financial was sold to CountPlus Limited on 1 October 2019.
If you had/have financial planning arrangements in place with a Count Financial adviser, your arrangements won’t change, and you don’t need to take any action.
Fees for no Service Remediation program
While Count Financial was operating under CBA, we know that some financial advice customers didn’t receive ongoing advice services they paid for, and some didn’t receive the correct information about their ongoing advice services and fees. We’re working hard to make things right and to ensure these types of issues don’t happen again.
We’ll communicate with all financial advice customers who paid ongoing service advice fees between 1 July 2008 and 30 September 2019 over the coming months to notify them of their remediation outcome and to invite them to contact CBA if they have any questions.
For more information about the Fees for no Service remediation program, download our Customer Remediation FAQ or contact us.
Quality of Advice Remediation program
Some customers may have been negatively affected by the actions of certain financial advisers aligned to CBA. The Quality of Advice Remediation program is working to identify and contact these customers, assess their circumstances, and provide fair remediation where there is evidence of inappropriate financial advice. We’re committed to restoring affected customers to the position they would have been in had they received appropriate advice at the time.
If you would like more information about the Quality of Advice remediation program, please get in touch with us.
CBA has provided an indemnity to CountPlus Limited of up to $300 million to cover potential remediation activities that were identified at the time of sale and up to four years post sale. CBA is reviewing records of financial advice customers who paid ongoing advice service fees (fees) for ongoing personal advice services (services) between 1 July 2008 and 30 September 2019 (the review period) to determine if there is evidence that those services were provided. Where CBA is unable to find the evidence it is looking for, or it is impractical to look for evidence, it is refunding fees, plus interest. It is also notifying customers who may not have received a Renewal Notice(s) when due and/or not received correct Fee Disclosure Statements about their ongoing service arrangement.
CBA will also remediate identified customers who are owed compensation for inappropriate advice.
If you have any concerns that we can’t resolve, you can also contact the Australian Financial Complaints Authority (AFCA), an external dispute resolution service.
Phone: 1800 931 678
Mail: AFCA, GPO Box 3, Melbourne VIC 3001