Commbank brings plaintiff law firms into advice tent
The Commonwealth Bank has retained three of Australia's most aggressive plaintive law firms on its panel of Independent Customer Advocates.
The bank confirmed at the weekend that it had appointed Maurice Blackburn, Shine Lawyers and Slater and Gordon to the panel which is integral to its Open Advice Review Program.
The bank's announcement said the firms would be available to affected customers at no cost.
Commenting on the move, Commonwealth Bank chief executive, Ian Narev said the appointments were designed to ensure customers had access to independent support through the Open Advice Review program, and had independent advocacy on their behalf.
At the same time as confirming the Open Advice Review program appointments, Narev said the bank would be extending the customer contact element of the program.
He said details regarding the program would be included in the next statement or notice to be sent to the more than 300,000 current Commonwealth Financial Planning customers.
"These details will include clear guidance about how customers of Commonwealth Financial Planning between 2003 and 2012 can register for the program," Narev said. "Commonwealth Bank recognises the contractual restrictions in contacting the customers of independently owned Financial Wisdom practices, but will continue to pursue various alternatives to contact past customers of both businesses."
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
