ASIC has published a progress report on the Commonwealth Bank's moves to compensate any customers who have suffered losses due to incorrect or self-serving advice given to them by five former financial advisers.Under additional licence conditions imposed on Commonwealth Financial Planning Ltd and Financial Wisdom Ltd by the Australian Securities and Investments Commission in 2014, CBA was required to review all advice given to customers of 16 potentially high-risk former financial advisers. ASIC says that, as of 10 January 2018, CBA has determined that approximately A$1.9 million of compensation is due to customers of five of the advisers - although compensation is likely to increase as CBA reviews the files of their customers. The other 11 financial advisers initially identified in the KordaMentha review as "potentially high risk" have been cleared.KordaMentha was appointed by ASIC in 2014 to complete a compliance review of the additional licence conditions imposed on CBA - specifically to assess whether or not the review processes adopted by CBA would lead to consistent outcomes for clients at both of its financial advice businesses. The report released yesterday was KordaMentha's fourth report under the additional licence conditions. (Note: This KordaMentha review is in addition to CBA's "open advice review program", conducted by Promontory Financial Group, which has resulted in a total of $23 million compensation being offered to more than 8000 CommBank customers.)According to this latest KordaMentha report, CBA recently wrote to over 3,500 customers of the five advisers informing them their advice was being reviewed. Following completed reviews CBA has issued assessment outcome letters to over 1,000 customers. KordaMentha said it had reviewed and was satisfied with the processes that CBA used to: select samples of advice given by the 16 advisers for review; review the appropriateness of advice given by the 16 advisers; calculate whether any inappropriate advice given by the 16 advisers resulted in customers losing money of suffering loss; and conclude that all of the customers of five of the advisers should be reviewed in the compensation program and that no further review is required for 11 advisers.CBA said it will pay compensation where customers have suffered loss and will continue to issue assessment outcome letters and compensation offers to affected customers between now and 31 March 2018.