CBA's executive team spared itself a session with the hangman, deciding instead to fit in with an externally imposed narrative framed around compensating, in some cases a second time, customers that suffered losses for poorly conceived advice on investments. The bank will invite a new group of financial planning customers to seek a review and, potentially, be paid compensation over what the bank termed a "breach of trust." The revised scheme is in response to a Senate committee's searing report last week on the behaviour of the bank's advice arm and the subsequent process applied to work out compo. Under the process outlined yesterday by CBA's chief executive, Ian Narev, an independent panel will be available to review assessments made in the first instance by CBA staff. The panel's decisions will be binding on the bank but customers will be free to escalate to the ombudsman or a court. The bank has styled the new process its "Open Advice Review program", asserting that it features a "far reaching program of review and remediation with independent oversight". CBA said it aimed to "provide an assessment of the advice received, access to an independent customer advocate and an independent review panel."There will be "an extensive national advertising campaign" to inform customers, CBA said.CBA said it "already paid A$52 million in compensation to more than 1100 customers of specific advisers who were identified as having provided poor advice," but won't say what provision it has made for this next process. The banks said its "principle was to put customers back in the position they would have been had they received suitable advice." This suggests that the compo may be puffed out to underwrite a minimum return. Narev said the bank was moving from a "culture of defensiveness" to a "culture of openness". "We've listened, we've learned that even if we believe that we've acted fairly, people can feel powerless when dealing with a big organisation," he said. On provisioning, Narev said: "For our investors, we don't expect this to be material for our shareholders."