More than 4000 customers of the Commonwealth Bank of Australia’s (CBA’s) planning businesses have registered for a review of the financial advice they received following the launch of the Open Advice Review program on 3 July 2014.
In its quarterly update to the independent Promontory Financial Group, CBA revealed that “approximately 4200 customers” had registered with the Open Advice Review program, seeking a review following the failure of the bank’s original compensation program.
“The Open Advice Review program has contacted almost all customers who have registered and will continue to proactively do so via the Open Advice Review program’s dedicated customer contact centre,” a statement from the bank said.
“The Open Advice Review program has distributed information packs to the majority of customers and is sending more out every day.
“The information pack contains additional details about the Open Advice Review program, including a summary of the process, and a ‘You and Your Advice’ form for the registrants to complete to help the review process.”
The bank said it expected further registrations to the program, as it continues to “increase awareness of the Open Advice Review” through advertising and by “working with community groups to maximise the response from key customer groups”.
CBA announced that the Promontory Financial Group had been appointed to review the Open Advice Review program, after the bank accepted conditions imposed by the Australian Securities and Investments Commission on its financial planning arms, in August, with Dr Jeff Carmichael, named as its chief executive.
The bank has since announced the appointments to the Independent Review Panel, of retired Justice of the High Court of Australia, the Hon Ian Callinan AC, as Chairman; retired Justice of the Queensland Court of Appeal, the Hon Geoffrey Davies AO, as Deputy Chairman; retired Justice of the Federal Court and the Victorian Court of Appeal, the Hon Julie Dodds-Streeton QC, as panellist.
While Fiona Guthrie, executive director of Financial Counselling Australia, was appointed as a consultant expert advisor to the progame, and advisory firm, McGrathNicol was named as the program’s independent forensic expert.
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