Commonwealth Bank (CBA) Open Advice Review Program

Maurice Blackburn has been appointed as an Independent Customer Advocate under the Commonwealth Bank’s Open Advice Review Program.

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 (CFPL). The letters were sent to people who have product holdings through Commonwealth Financial Solutions (CFS) and Financial Wisdom (FW), including Custom Solutions, CommInsure and CommSec, who received financial advice through CFPL between 1 September 2003 and 1 July 2012.

The letter introduces the Commonwealth Bank Open Advice Review Program, explains the customers’ eligibility to participate in the program, and invites customers with concerns to contact the program to find out more details. The letters were sent to deceased estates, individuals and business entities.

What is the CBA open advice review program?

The CBA Open Advice Review Program is for anyone who received financial advice from Commonwealth Financial Planning  and its associated entities listed above between 1 September 2003 and 1 July 2012. If you believe you might have received poor financial advice, you can register with the Commonwealth Bank Open Advice Review Program, have the financial advice reviewed and get compensation for any losses.

Maurice Blackburn is acting as an Independent Customer Advocate. We will give you advice and represent you in the CBA Open Advice Review Program. The Commonwealth Bank is paying for the Independent Customer Advocates, so there is no fee to you for Maurice Blackburn to represent you.

We will make sure your claim is dealt with properly and you get the maximum compensation you deserve.

Maurice Blackburn has already acted for individuals with financial advice disputes against CFPL and FW 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.

Maurice Blackburn is Australia’s largest class action law firm with offices across the country and the resources and expertise to represent a large group of people in the Program. We have a legal department that specifically deals 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 991 534