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.
Our offer to you
Common questions about CBA’s Open Advice Review Program
- 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.
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.
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.
1) register with CBA, and
2) contact us so that we can help you to understand your legal rights and ensure that these rights are protected while CBA undertakes its review of your advice.
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.
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