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CBA announces widespread review

Reporter
— 1 minute read

Commonwealth Bank CEO Ian Narev has announced an ‘open review program’ to investigate the advice failures at CBA dealer groups and “deliver fair and consistent outcomes for customers”.

In a statement issued just now, Mr Narev said the new “far reaching program of review” will demonstrate the bank’s commitment to remediation and will have “no cost to customers”.

The aim of the bank’s compensation program will be to “put customers back in the position they would have been had they received suitable advice” as well as addressing concerns raised during the Senate committee’s inquiry.

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The program will include a dedicated hotline for former clients and opportunity for an assessment of any advice received during the relevant period – to be conducted by a “specialist Commonwealth Bank team and followed up by an audit by an “independent customer advocate” funded by the bank. 

There will also be an additional panel for customers who are not satisfied by the results of an assessment, which will be binding on the bank.

Mr Narev reminded stakeholders that aggrieved clients will still have the option of taking the matter to the Financial Ombudsman Service. 

 

 

 

CBA announces widespread review
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