Thousands sign up to CBA remediation program
The Commonwealth Bank's financial advice remediation program has attracted more than 4500 cases from aggrieved customers in its first few months, an independent review has revealed.
In its first report, independent program mediator, Promontory Financial Group, said the bank has contacted 98 per cent of the registered customers and sent information to 95 per cent in the six months following the Open Advice Review program's launch.
The first 3200 sign ups took place in the first month of the program's release (July), with figures dropping off significantly since then.
According to Promontory, the bank is now in the process of reviewing the returned customer forms, none of which have been excluded for ineligibility at this point.
CBA chief executive officer Ian Narev said: "We believe the initial report prepared by the program's Independent Expert demonstrates our commitment to transparency".
"We hope that this, and future reports to be released by Promontory, will build confidence in the processes we are following and show that we are committed to doing what we said we would do, making things right for our customers."
Recommended for you
Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year.
Financial advice businesses are being urged to create an information memorandum for their practices to ensure they are “sale-ready” at all times amid the current opportunistic M&A climate.
The financial advice market remains very fragmented compared to other industries, according to Count chief executive Hugh Humphrey, and licensees need deep pockets if they want to scale up.
A global investment manager with more than $676 billion in AUM has announced a $345 million debt investment into Oaktree Capital-backed AZ NGA.
