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CBA’s Open Advice Review Program

Commonwealth Bank of Australia (CBA) has developed its Open Advice Review Program (OARP) in response to ASIC investigations into allegations of inappropriate conduct at CBA-owned financial planning businesses Commonwealth Financial Planning Limited (CFPL) and Financial Wisdom Limited (Financial Wisdom).

On the 26th June 2014, a Senate Committee recommended that a compensation scheme be established to address this wrongdoing, and remediate customers for the loss they suffered due to the misconduct of CFPL and Financial Wisdom.

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