Information for former Financial Wisdom Limited financial advice customers

Financial Wisdom Limited has now closed

Financial Wisdom Limited¹ is a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia (CBA).² Financial Wisdom Limited previously authorised financial advisers and practices to provide financial advice under its Australian Financial Services Licence. In July 2020, Financial Wisdom stopped providing licensee services and no longer has any financial advisers authorised to provide financial advice under its licence.

CBA’s remediation programs for former Financial Wisdom customers

Fees for no Service remediation program

While Financial Wisdom was operating, we know that some financial advice customers didn’t receive ongoing advice services they paid for, and others 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 7 July 2020 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.

• Call: 1800 413 797 from 9.00am – 6.30pm (AEST/AEDT), Monday to Friday
  
• Email us at: customerconnectfwl@cba.com.au
  Please include the reference number from your letter in the subject line of your email. We’ll aim to get back to you within 3 business days

 

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.

• Phone: 1800 807 655 from 9.00am – 5.00pm (AEST/AEDT), Monday to Friday
  
• Email us at: advicequalityreviewteam@cba.com.au 
  Please include the reference number from your letter in the subject line of your email. We’ll aim to get back to you within 3 business days

What if you’re still not happy?

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

Email: info@afca.org.au

Mail: AFCA, GPO Box 3, Melbourne VIC 3001

Web: www.afca.org.au