The Commonwealth Bank has finalised the 8,600 client assessments that constitute its Open Advice Review program, with total compensation offered to affected clients rising to $23 million.
In a statement yesterday, the bank said Promontory Financial Group – which was appointed to oversee the Open Advice Review program – has confirmed all assessments have been completed for customers of Commonwealth Financial Planning Limited and Financial Wisdom Limited who requested a review of their financial advice.
Of more than 8,600 assessments completed, CBA has offered approximately $23 million in compensation, including interest, said the bank’s executive general manager of the advice review program Leif Gamertsfelder.
“In cases where a customer received poor advice and lost money as a result, we have apologised and offered compensation,” he said.
“Our priority now is to work with customers who are considering their assessment outcome, of their independent customer advocate, and respond to any queries or address any concerns they have as soon as possible.”
Promontory is currently completing its independent review of advice assessed through the Open Advice Program and is expected to release a financial report on 31 March.
The latest report by Promontory, released in September 2016, stated that CBA had made more changes to its processes in its client compensation scheme, this time dropping the requirement to call customers in cases where advice files are missing.