Over 4,000 clients have taken up the Commonwealth Bank’s offer of a review of their financial advice, according to a report on the group’s Open Advice Review Program.
As part of its agreement with Promontory Financial Group, the independent expert appointed to oversee the program, CBA has provided an update on its review progress to date. CBA advised that approximately 4,200 clients had registered their interest in a review, since the program was announced in July (see: CBA Apologises, Commits to Client Remediation Program).
According to CBA, almost all customers who have registered have been contacted by the program’s dedicated customer contact centre. Information packs have also been distributed, summarising the review process to be undertaken.
Since July, CBA has been advertising the Open Advice Review Program across a number of channels including print, online and radio. The group said it was also working with community groups to maximise the response from key customer groups. Further registrations for the program are expected as a result of the advertising campaign.
CBA will continue to provide updates to Promontory, ahead of the formal reporting program which will commence in 2015.
