CBA offers financial advice customers $4.8 million
Commonwealth Bank has offered a total of A$4.8 million in compensation to 414 customers and former customers of its financial panning businesses who received poor advice.The latest independent expert's report on CBA's Open Advice Review Program by Promontory Financial Group said that in the four months to the end of April offers to customers increased by $2.5 million.By the end of April the bank had issued assessment outcomes to 3038 cases in the program - 31 per cent of all registered cases in the program.The advice was ruled to be appropriate in 2561 cases, it was ruled poor but did not cause any loss in 95 cases, there was no evidence of advice found in 49 cases and in the rest there was compensation for poor advice, poorly implemented advice or incorrect fees.Ten customers who were issued with assessments have taken complaints to the Financial Ombudsman Service.