Shine Lawyers has been appointed as an Independent Customer Advocate (ICA) under Commonwealth Bank of Australia’s Open Advice Review Program, to support the Commonwealth Financial Planning Limited and Financial Wisdom customers who wish to have a review of their financial advice.
Commonwealth Bank of Australia (CBA) announced Shine Lawyers’ appointment this morning, marking one of the last stages in the development of the bank’s Open Advice Review Program.
Shine Lawyers solicitor Sasha Ivantsoff said the appointment would allow the firm to deliver independent legal advice and support to customers who qualify for an assessment through the program, with the role of the ICA being to ensure that claims are fairly and consistently evaluated and compensated.
“Within this role, we will be able to assist CBA in safeguarding the legal rights of those customers who received financial advice from Commonwealth Financial Planning or Financial Wisdom, and ensure the transparency and effectiveness of the Review Program.” Mr. Ivantsoff said.
“As an Independent Customer Advocate, Shine will ensure fast and equitable outcomes for customers.”
“Our firm has acted in some of Australia’s largest financial loss compensation schemes and as experts in financial advisor negligence law, we are well-placed to ensure the process delivers the outcomes our clients need to move on with their lives.”
An 85-year old Shine customer who lost over $1.5 million after receiving advice, says that the program has given him renewed hope.
“It’s been a hard slog and I hope this brings me a little bit closer to getting back what we’ve lost,” he said.
Customers who received financial advice between 1 September 2003 and 1 July 2012 are encouraged to register for the Open Advice Review Program by calling 1800 507 281 or visiting www.commbank.com.au/openadvice.
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Written by Shine Lawyers. Last modified: November 1, 2014.