The Commonwealth Bank has received approximately 4,200 registrations from former financial planning clients wishing to have pieces of advice formally reviewed.
In an update released yesterday, the bank revealed the number of expressions of interest it has received for participation in its Open Advice Review program, adding that it anticipates this number will rise.
The review is open to any customer who received advice from a financial planner licensed by aligned dealer groups Commonwealth Financial Planning and Financial Wisdom between 1 September 2003 and 1 July 2012.
A video message from CBA chief executive Ian Narev on the Open Advice Review website – inviting former clients to take part in the review – explains that participants will be able to have their advice files assessed, as well as being provided access to internal CBA and independent experts.
“Trust goes to the heart of the relationship between a financial institution and their customers,” Mr Narev says in the video.
“Sadly – through the actions of some people working through our [Commonwealth FP] and Financial Wisdom businesses several years ago – we breached that trust.”
The Open Advice Review update explains that the bank has taken out extensive advertising in order to invite customers to take part, as well as delivering information packs to “the majority” of these customers.
Plaintiff law firm Shine Lawyers is investigating the possibility of a class action lawsuit against the bank for damages relating to poor advice.
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