Commonwealth Bank (CBA)
What is the program?
Maurice Blackburn is acting as an Independent Customer Advocate, so we can give you advice and represent you during the review of your case. The Commonwealth Bank is paying for the Independent Customer Advocates, so you don't pay any fees to have Maurice Blackburn represent you.
Contact us today if you need representation. We will make sure your claim is dealt with properly and that you get the maximum compensation you deserve.
Update from Commonwealth bank
On Thursday 29 January 2015, the Commonwealth Bank started to send about 350,000 letters to customers of Commonwealth Financial Planning Limited (CFPL). The letters were sent to people who have product holdings through Commonwealth Financial Solutions (CFS) and Financial Wisdom Limited (FWL), including Custom Solutions, CommInsure and CommSec, who received financial advice through CFPL between 1 September 2003 and 1 July 2012.
The letter introduced the Commonwealth Bank Open Advice Review program, explained customers’ eligibility to participate in the program, and invited customers with concerns to contact them to find out more details. The letters were sent to deceased estates, individuals and business entities.
In February 2017 it was confirmed that the CBA Open Advice Review program had completed all assessments for customers of CFPL and FWL who had requested a review of their financial advice.
An appointed independent reviewer, Promontory Financial Group, reports on the program as it progresses. You can view their most recent report here.
Why Maurice Blackburn?
Maurice Blackburn has already acted for individuals with financial advice disputes against CFPL and FWL and run a class action on behalf of financial planning customers of Don Nguyen. A Maurice Blackburn principal also gave evidence at the Senate Inquiry, which led to the CBA Open Advice Review Program being set up.
We are Australia’s largest class action law firm with offices across the country and the resources and expertise to represent large groups of people, and we have a legal department that deals specifically with financial planning compensation claims.
If you think you might have received poor financial advice between 2003 and 2012, contact us for independent legal advice about the CBA Open Advice Review program and your rights. Time limits apply so contact us as soon as possible.
Enquire today with Maurice Blackburn by emailing CBAcompensation@mauriceblackburn.com.au or call 1800 614 451