Gravy train reaches its destination

Outsider notes that after nearly three years, the Commonwealth Bank’s Open Advice Review (OAR) program is reaching its conclusion and it is to be hoped that all affected customers have had their problems appropriately resolved.

But as much as Outsider cares about the affected customers, he also cares about all the consultants retained by the Commonwealth Bank to work on the Open Advice Review program. As consultancy jobs go it was the consultancy that just kept on giving.

Worth noting is the final Promontory Report concerning the remediation process which stated the following:

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“The OAR program received a total of 22,797 expressions of interest from customers since it commenced in July 2014. Of the 22,797 expressions of interest, a total of 10,128 registered for the program.

“In early February 2017, CBA completed issuing assessment outcomes to all registered cases in the program requiring an assessment. In total, 8,654 registered cases were issued an assessment outcome. Of the 8,654 cases issued an assessment outcome, 7,515 (86.8 per cent) have been finalised and closed (as at 31 May 2017) after the customer had either accepted his/her assessment outcome, or withdrawn from the program (either because they had rejected the assessment or not responded to the assessment outcome). A further 203 cases (2.4 per cent) have been settled in principle with the customer (or his/her Independent Customer Advocate (ICA)), leaving 936 cases (10.8%) in the program that have yet to be completely resolved or finalised.”

“The cases yet to be finalised include those where the customers (or their ICAs) were still reviewing their assessment outcomes and cases where the customers (or their ICAs) had responded with a counteroffer that had yet to be finalised. The Bank has indicated it expects the vast majority of these cases to be closed by the end of 2017.”

Yes, this particular consultancy gravy trained has nearly reached the station.




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