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.
Fees for no Service remediation program
While Financial Wisdom was operating, 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 7July 2020. 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.
If you would like more information about the Fees for no Service remediation program, please get in touch with us.
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.
If you would like more information about the Quality of Advice remediation program, please get in touch with us.
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