The Open Advice Review program was established to provide assurance to our customers that we have addressed issues about advice provided from 2003-2012 in a thorough, consistent and transparent manner.

To date, the Open Advice Review program has completed over 6,000 customer outcome letters and offered approximately $11 million in compensation, more than $7.7 million of which has been paid to 571 customers. This brings the total the Commonwealth Bank has paid to customers to more than $62 million under its past and present remediation programs.

We are confident that by the end of December this year we will have the vast majority of cases reviewed.

It is important that we get the detail right, so we carefully review each customer file. The average file has approximately 200 pages, with the largest having about 15,000 pages and over 30 instances of advice. In some cases, we are reviewing advice documents that go back more than a decade, which is why we have invested significant resources and time building the Open Advice Review program infrastructure.

We are confident in our people and processes. More than 500 people will continue to work on the program to ensure that each customer's case gets the attention it deserves. It's a rigorous and thorough approach, and our assessments continue to show that the large majority of our customers received advice that was appropriate for their circumstances at the time. We have learnt that it is necessary to take the time to ensure a robust and consistent approach to case assessments.

For those customers who have let us know they are in hardship we have fast tracked their case assessments.

Commonwealth Bank of Australia published this content on 27 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 September 2016 18:55:06 UTC.

Original documenthttps://www.commbank.com.au/guidance/newsroom/open-advice-review-on-track-201609.html

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