Commbank offers independent review panel process
The Commonwealth Bank has moved to upgrade its offer to clients impacted by poor advice, promising an independent customer advocate and independent review panel backed by a national advertising campaign.
The move was announced by CBA chief executive, Ian Narev who said the program would be fully transparent to customers.
The independent review approach appears to be aimed at forestalling arguments by key members of the Senate Committee who argued that the process should be removed from the CBA.
Narev said the features of the program were as follows:
- Any customer who received advice from CFP and FWL between 1 September 2003 and 1 July 2012 and has concerns regarding that advice will be able to call a dedicated number and request an assessment of any advice received in the review period;
The review of the past advice will be conducted by a specialist Commonwealth Bank team;
- In conducting a review, the specialist team will share the information it has available with the customer and will invite the customer to provide information that the customer has available;
- Once the review is complete the customer will receive an assessment and the offer of an independent customer advocate funded by the Commonwealth Bank;
- A customer who does not agree or is concerned with the assessment will have the option of a further review by an independent panel, determining whether compensation is payable and, if so, how much;
- The Commonwealth Bank will be bound by the outcome of the panel’s determination. However, the customer will not be bound and will still have the option of taking the matter to the Financial Ombudsman Service or pursuing a claim in respect of the matter; and
- We will also have the process overseen by an independent expert who will make their periodic reports public.
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