{"id":26717,"date":"2014-07-03T10:36:57","date_gmt":"2014-07-03T00:36:57","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=26717"},"modified":"2014-07-14T13:24:09","modified_gmt":"2014-07-14T03:24:09","slug":"cba-apologises-commits-to-client-remediation-program","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/07\/03\/cba-apologises-commits-to-client-remediation-program\/","title":{"rendered":"CBA Apologises, Commits to Client Remediation Program"},"content":{"rendered":"

The Commonwealth Bank (CBA) has announced it will implement a new review and remediation program for\u00a0<\/span>customers impacted by poor advice delivered to them by advisers working for Commonwealth Financial Planning (CFPL) and Financial Wisdom (FWL).<\/span><\/p>\n

The ‘Open Advice Review’ program is described as a far reaching review, with independent oversight, to deliver fair and consistent outcomes for customers of CFPL and FWL. It has been developed in direct response to the concerns raised by customers, and the Senate Economics References Committee\u2019s report, released last week (see: CFP Scandal a Lesson for Entire Industry<\/a>).<\/p>\n

\u201cThis program demonstrates our commitment to make it right for our customers,\u201d said CBA CEO, Ian Narev<\/strong>, who announced the program this morning.<\/p>\n

The Open Advice Review will be delivered at no cost to customers, and provide an assessment of the advice they received. Any customer who received advice from CFPL or FWL between 1 September 2003 and 1 July 2012 will be able to request an assessment of any advice they received during the period. The assessment will be conducted by a specialist CBA team, who will share the information it has available with the customer. Once the assessment is complete, the customer will receive the offer of an independent customer advocate, funded by CBA. 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 compensations is payable, and if so, how much.<\/p>\n

The CBA has committed that the program will be fully transparent, and will be supported with an extensive national advertising campaign, to ensure it reaches as many customers as possible.<\/p>\n

I unreservedly apologise to all customers affected<\/h6>\n

Mr Narev also offered an unreserved apology to all customers affected, saying he was truly sorry for the financial loss and distress caused by some of CBA\u2019s advisers.<\/p>\n

\u201cTrust goes to the heart of a relationship between a financial institution and its customers. At the centre of the matters which a recent Senate Committee reviewed, is the very disturbing fact that some people working for our Commonwealth Financial Planning (CFP) and Financial Wisdom (FWL) businesses breached that trust. They failed in their primary obligation \u2013 to act in the best interests of our customers.<\/p>\n

\u201cWe know this is unacceptable and I unreservedly apologise to all customers affected,\u201d Mr Narev said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Commonwealth Bank (CBA) has announced it will implement a new review and remediation program for\u00a0customers impacted by poor advice delivered to them by advisers working for Commonwealth Financial Planning (CFPL) and Financial Wisdom (FWL).<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[259,48,8,6],"tags":[],"class_list":{"0":"post-26717","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-breaking","7":"category-company-news","8":"category-compliance-regulation","9":"category-dealer-groups"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/26717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=26717"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/26717\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=26717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=26717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=26717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}