Promontory Financial Group Australasia today released its sixth 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 sixth report provides an update on the progress of the program through 31 August 2016, including assessments, offers of compensation, and payments. Promontory expects to provide its next update on the program in the first quarter of 2017.
