Promontory Financial Group Australasia today released its fifth 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 might 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 fifth report provides an update on the progress of the program through 30 April 2016, including assessments issued and offers of compensation made. The report also includes sampling results of cases at various stages of the program. Promontory expects to provide its next update on the program at the end of September 2016.
The report is available on CBA’s website.
Source: Promontory Financial Group, Commonwealth Bank.
