Promontory Financial Group has released its seventh and final report on the Open Advice Review program.
Promontory Financial Group (Promontory) today released its seventh and final report on the Open Advice Review program, which notes that considerable progress has been made towards completion of the program.
Commonwealth Bank Executive General Manager, Leif Gamertsfelder, said: “The report confirms that the program is reaching its final stages. Reviews were completed and issued to customers early this year and the vast majority of cases – around 90 per cent – have now been finalised.
“We continue to make sure our dedicated team is available to assist customers or their independent customer advocate to answer any questions about the cases that are currently being finalised.”
In 2014, Commonwealth Bank set up the most comprehensive review of financial planning advice ever undertaken in Australia. Following an extensive advertising campaign and a mail-out to around 350,000 households, 22,797 customers expressed interest in the program, and 8,654 customers requested a review of their advice.
The seventh Promontory report confirms that the large majority of customers received appropriate advice. Of the 8,654 advice assessments issued to customers, approximately $29 million has been offered or paid to date.
Promontory Financial Group’s seventh report can be viewed on Commonwealth Bank’s website.
