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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Common questions about CBA’s Open Advice Review Program
The Open Advice Review Program is open to all CFPL and/or Financial Wisdom customers who received financial advice between 1 September 2003 and 1 July 2012, and who wish to have their advice reviewed.
The Open Advice Review Program will involve:
- a review of past advice conducted by a specialist CBA team;
- the services of an Independent Customer Advocate to assist the customer, at no cost to them;
- the option for further review by an independent panel, which will determine whether compensation is payable and, if so, how much;
- an independent expert to oversee and publically report on the process.
Shine Lawyers has been investigating potential compensation claims on behalf of customers who received advice from CFPL and Financial Wisdom.
To date, the investigations have centered upon allegations of inappropriate financial advice given to customers between 1 September 2003 and 1 July 2012.
CBA’s Open Advice Review Program and Shine’s role as an Independent Customer Advocate in the Program, aims to ensure that all those customers of CFPL and Financial Wisdom who wish to have their advice reviewed can do so.
Shine Lawyers has been appointed as an Independent Customer Advocate to support customers of CFPL and Financial Wisdom who have registered to be involved in CBA’s Open Advice Review Program.
Within this role, Shine Lawyers will deliver independent legal advice and support to customers who receive an assessment of their previous financial advice from CFPL or Financial Wisdom under the Open Advice Review Program. As an Independent Customer Advocate, Shine Lawyers is here to ensure that customers’ claims are fairly and consistently assessed and remediated. Shine is available to help any customer who wants an independent review of CBA’s Assessment of their advice. There is no cost to the customer for this independent advice service.
In addition, Shine Lawyers is assisting the CBA to develop the processes and methods used to review customer claims under the Open Advice Review Program.
If you are looking to participate in the Open Advice Review Program, we encourage you to:
Time limits can apply so potential participants are encouraged to get in touch as soon as possible to ensure their right to a claim is not lost due to a time limit.
Shine Lawyers will act as an Independent Customer Advocate at no cost to affected customers.
This is because customers involved in the Open Advice Review Program are entitled to obtain fully funded independent legal and financial advice about the assessment of their advice. This advice will be funded by CBA.
If you would like Shine to act for you as your Independent Customer Advocate, please contact us.
To receive regular updates on CBA’s Open Advice Review Program and the work Shine Lawyers is doing to support customers of CFPL and Financial Wisdom who want to have their advice reviewed, register your details with us.
Shine encourages CFPL and Financial Wisdom customers to register for the OARP.
Shine Lawyers have offices in the following locations.
New South Wales
- Gold Coast
- Hervey Bay
- North Lakes
- Stones Corner
- Sunshine Coast
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