The Commonwealth Bank will pay at least $23 million in compensation to customers found to have received inappropriate and costly financial advice.
Promontory Financial Group confirmed it has completed all assessments of Commonwealth Financial Planning and Financial Wisdom customers who requested an evaluation as part of CBA's Open Advice Review program; more than 8600 cases in total since its establishment in July 2014.
In a statement CBA executive general manager advice review program, Leif Gamertsfelder, said the bank apologised to those customers who were deemed by Promontory to have received poor advice which resulted in the loss of money and offered compensation, inclusive of interest.
"The update from Promontory today is another step towards our goal of putting things right for customers who received poor advice in the past and providing reassurance to the large majority of customers who received appropriate advice at the time," Gamertsfelder said.
"Our priority now is to work with customers who are considering their assessment outcome, or their independent customer advocate, and respond to any queries or address any concerns they have as soon as possible."
The review is one of the largest in Australian financial advice history, with more than 350,000 households contacted by the bank for inclusion in the program.
Promontory is completing its independent review of advice assessed through the Open Advice Review program, with a final report expected on 31 March 2017. The cases assessed date from 1 September 2003 to 1 July 2012.