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 was sold to CountPlus Limited on 1 October 2019.
If you had 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 paid for periodic reviews they didn’t receive, and others did not receive the correct information about the fees they paid. We are working hard to make things right and to ensure these types of issues don’t happen again.
This remediation program is reviewing the files of financial advice customers who paid ongoing service fees between 1 July 2008 and 30 September 2019. We will communicate with all customers that are part of this review over the coming months to notify them of their remediation outcome and to invite them to contact CBA if they have any questions.
Quality of Advice Remediation program
Some customers may have been negatively affected by the actions of certain financial advisers aligned to the Bank. 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 are committed to restoring affected customers to the position they would have been in had they received appropriate advice at the time.
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 will undertake a review to determine whether refunds are payable for a failure to provide ongoing service to clients or because they received incorrect fee disclosure statements. CBA will also remediate identified customers who are owed compensation for inappropriate advice.
If you would like more information about Count Financial remediation programs, please get in touch with us.
Fees for no Service Remediation
Quality of Advice Remediation
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