Today’s announcement by the Commonwealth Bank of a massive review programme of its previous financial planning advice is welcome news.
The Nationals Senator for New South Wales John Williams said CBA has obviously scrutinised the Senate committee report into the Australian Securities and Investments Commission and the damning evidence about wrongdoings by some of its financial planners.
Senator Williams said he is delighted to see the Chief Executive Officer Ian
Narev announce that as part of its Open Advice Review, any customer who received advice from Commonwealth Financial Planning (CFP) and Financial Wisdom (FWL) between the 1st of September, 2003 and the 1st of July, 2012, can request an assessment of the advice they received.
He said the specialist Commonwealth Bank team that conducts the initial review must have an open mind and appreciate the stress and hardship their customers have suffered.
“I am pleased to see, with one proviso, that the customer will be given options for a review by an independent panel. The panel must be totally independent and have no business or professional links with the CBA, otherwise the process will be compromised.
The CBA will be bound by the panel’s decision but the customer can take the matter to the Financial Ombudsman Service or pursue the claim. This is only fair.
CBA has learnt a lot from this whole process and I acknowledge it has been working to transform its financial planning arms in recent years to regain public trust and confidence.
Mr. Narev has shown leadership with today’s announcement which I am sure will be excellent news for those people who suffered at the hands of rogue financial planners in the nine years period.
I hope that during this review process if evidence is found of criminal wrongdoing such as forged signatures the people responsible are referred for criminal prosecution”, Senator Williams said.