Promontory Financial Group Australasia today released its second report on the Open Advice Review program initiated by Commonwealth Bank of Australia (CBA). CBA designed the program to identify and compensate for poor financial advice that may have been provided to customers of Commonwealth Financial Planning Limited and Financial Wisdom Limited between 1 September 2003 and 1 July 2012.
CBA engaged Promontory as independent expert to monitor, review, and report on the program. Promontory’s second report provides an update on the Bank’s implementation of the program and its progress in assessing cases in the program. The report also sets out findings from our review of cases that have exited the program prior to assessment, and a review of cases that were assessed as part of a pilot program. Promontory, which submitted its initial report in December 2014, will provide its next update on the program in September 2015.
Cut+PasteMay 29, 201510.25am
