CommFP remediation transcends client migration

commonwealth-bank/commonwealth-financial-planning/enforceable-undertaking/investments-commission/advisers/money-management/australian-securities-and-investments-commission/

30 January 2015
| By Mike |
image
image image
expand image

The Commonwealth Bank has taken another step in its Open Advice Review program, writing 350,000 letters to Commonwealth Financial Planning (CommFP) clients who were advised over a more than eight year period offering them access to a review, even if they have switched advisers.

The big banking group has told Money Management that the letters are being sent to clients who were customers of CommFP between 1 September 2003 and 1 July 2012.

The mail-out represents fulfilment of an undertaking announced by the Commonwealth Bank in November last year as part of its remediation process flowing from the provision of inappropriate advice by advisers employed within CommFP which, in turn, led to an enforceable undertaking imposed by the Australian Securities and Investments Commission and later scruinty by a Senate Committee inquiry.

The bank is acknowledging its obligation to former customers who have switched advisers or advice groups, stating that they are entitled to receive a review of the advice they received while customers of CommFP.

"If the letter raises questions for customers and they speak with their current adviser, their adviser should tell the customer to contact the program for more information," the bank spokesperson said.

"The letter makes it clear that the opportunity to participate in the program relates to the advice they received from Commonwealth Financial Planning." 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

4 weeks ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 3 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3