• Remediating customers of former advice licensees

    The Commonwealth Bank of Australia (CBA) is committed to ensuring that customers receive any payment that has been assessed as payable as a result of particular financial advice remediation programs it has undertaken. These remediation programs relate to financial advice and services provided by financial advisers of the following licensees currently or previously part of the CBA Group: Financial Wisdom Limited (FWL), Commonwealth Financial Planning Limited (CFPL), Count Financial Limited (CFL) and BW Financial Advice Pty Limited (BWFA) (together the Licensees). 

    Most of these compensation payments have been paid directly to customers or to the trustee or financial product provider of a product currently or previously held by the customer. Unfortunately, despite our best endeavours, it hasn’t always been possible to make these payments due to insufficient, out of date or incorrect customer contact details. As a result, CBA has been left with monies it has been unable to pay to certain customers (Unpaid Remediation Monies).  

  • Paying unpaid remediation monies to customers

    In a final attempt to make these payments to customers, CBA intends to pay any remaining, eligible Unpaid Remediation Monies equal to or over $500 into the unclaimed moneys regime governed by the Australian Securities and Investments Commission (ASIC), otherwise known as the Commonwealth of Australia Consolidated Revenue Fund (CRF). The CRF provides a national central repository that allows customers to find and access their Unpaid Remediation Monies. It also pays interest on the Unpaid Remediation Monies so that the value of amounts held is preserved over time.  

  • Claiming your unpaid remediation monies

    The eligible Unpaid Remediation Monies unable to be paid to customers by 31 December 2023 have been paid to CRF in March 2024. Affected customers can find their monies here Find unclaimed money - Moneysmart.gov.au and contact CBA so that we can claim from ASIC on your behalf and pay the money to you.  

    In order to make the remaining Unpaid Remediation Monies eligible for payment to the CRF, CBA has executed a Deed Poll in favour of affected customers. You’re able to view an extract of the Deed Poll here. Under the terms of the Deed Poll, remaining affected customers will have until 31 December 2024 to claim their Unpaid Remediation Monies direct from CBA. After that time, any eligible, remaining Unpaid Remediation Monies equal to or over $500 will be paid into the CRF and affected customers can claim the amounts directly through that regime by contacting CBA on 1800 716 878. After we’ve confirmed that you are the rightful owner we’ll notify ASIC and ask them to release the funds to CBA so we can then pay the money to you.   

  • What does this mean for you?

    If you think there may be a remediation payment payable to you, please contact our customer call centre on 1800 716 878 so that we can confirm whether or not you are one of the affected customers we have been unable to pay. If you are, we’ll arrange to pay any amounts assessed as payable to you. 

  • We’re here to help

    If you have any questions or concerns, please contact us using the below details:

    • Call: 1800 716 878 from 9.00am – 5.00pm (AEST/AEDT), Monday to Friday
    • Email us at: customerconnect@cba.com.au
      If available, please include the reference number from your previous letter in the subject line of your email. We’ll aim to get back to you within two business days.