You web browser may not be properly supported. To use this site and all its features we recommend using the latest versions of Chrome, Safari or Firefox

If you are looking for information on Westpac CCI class action click here


Slater and Gordon is investigating compensation claims on behalf of investors who received financial advice from Commonwealth Financial Planning, Financial Wisdom and Macquarie Private Wealth following reports of serious deficiencies and misconduct in respect of the financial advisory arms of the Commonwealth Bank of Australia (CBA) and Macquarie Bank.

On 26 June 2014 a Senate Committee delivered its Report on the investigation and handling of the rogue advisors and systemic misconduct at CBA’s financial planning businesses Commonwealth Financial Planning (CFP) and Financial Wisdom (FW) which was conducted by the Australian Securities and Investments Commission (ASIC).

Under an Enforceable Undertakings regime imposed by ASIC, some victims of poor financial advice have received compensation from CFP. Under the compensation schemes established to date, investors who suffered losses due to CFP and FW’s conduct have received approximately $51m in compensation payments. However, as many as 4,000 investors may not have had the same access to redress as others. Some may have entered into inadequate arrangements and it appears that many victims have not been properly informed of their rights to participate in these compensation schemes, including the offer of financial assistance to fund independent advice in relation to offers received.

The Senate Committee recommended that a Royal Commission, judicial inquiry or some other form of compensation scheme be set up in relation to such matters. In response to that recommendation, the CBA announced its Open Advice Review Program on 3 July 2014.

The Review Program is open to customers who received advice from CFP and FW between 1 September 2003 and 1 July 2012 and who hold concerns about the advice received.

On behalf of its clients, Slater and Gordon has agreed to assist CBA in the development of the Open Advice Review Program, including the processes and methods by which participants’ claims will be reviewed to ensure the program will be transparent, rigorous and result in fair and equitable outcomes for affected CBA customers.

Macquarie Client Review Program

In January 2013, Macquarie and ASIC agreed to an Enforceable Undertaking. The Enforceable Undertaking followed an extensive ASIC investigation into Macquarie’s financial product advice business which revealed a series of serious deficiencies including:

  • client files not containing statements of advice;
  • advisers failing to demonstrate a reasonable basis for advice provided to the client; and
  • poor client records and lack of detail contained in advice documents.

On 13 August 2014, Macquarie wrote to around 160,000 its past and current customers advising of a process by which a review of their file can be conducted (the Client Review Process). If you have received this letter, you are eligible to have your file reviewed. Importantly, the process allows you to be reimbursed up to $5,000 for professional advice (including legal advice) to consider the outcome of Macquarie’s review of your file.

How Slater and Gordon can help

Slater and Gordon’s professional negligence lawyers have many years of experience in helping Australians who have suffered losses from poor financial advice, including being involved in a number of compensation schemes and class actions.

Slater and Gordon is providing assistance to CBA and Macquarie customers who wish to have their file reviewed by those banks, and will offer independent legal advice on this process, initially, on a no cost and no obligation basis.

You can contact us by calling 1800 555 777.

The contents of this blog post are considered accurate as at the date of publication. However the applicable laws may be subject to change, thereby affecting the accuracy of the article. The information contained in this blog post is of a general nature only and is not specific to anyone’s personal circumstances. Please seek legal advice before acting on any of the information contained in this post.

Thank you for your feedback.

Related blog posts

Consumer and the Law
Banking Royal Commission legislation introduced

On 28 November 2019, the Government introduced legislation in line with the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The legislation is designed to provide further protections for consumers and small businesses and is set to be passed in early 2020. Below is an overview of the proposed legislation. Click here for a recap of the Banking Royal Commission from our Head of Class Actions, Ben Hardwick. Under the proposed legislation, mortgage brokers will be required to act in the best interests of consumers when providing credit assistance. That means where there is a conflict of interest between the consumer’s...

Gavel and weights two people talking resized
Financial Negligence
The Australian Financial Complaints Authority’s powers are being expanded for 12 months: Do you …

The Australian Financial Complaints Authority (AFCA) is responsible for providing consumers and small businesses with free and independent dispute resolution for financial complaints. AFCA considers complaints in relation to: These complaints were previously handled by the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal. The usual time limit for making a complaint to AFCA is 6 years from the date you became aware of the financial loss.[1] However, when a complaint has already been through the financial firm’s internal dispute resolution process, the time limit is reduced to 2 years from the date you receive response from the...

Finance Planning People Documents Resized
Financial Negligence
Online scams and the Financial Ombudsmen service

As our population ages, our vulnerable elderly people are increasingly falling victim to elder abuse perpetrated by adult children, family members, friends and carers. But older Australians are also increasingly preyed upon by fraudsters. The Financial Ombudsman Service (FOS) has recently published two determinations which consider whether the older person’s bank is liable for “allowing” them to transfer funds. In the first case (Case number 431342, 2 December 2016), the Applicant transferred $123,019 from his bank account to a fraudster who kept the funds. The Applicant claimed the bank should compensate him for his loss. FOS found, however, that the bank did not cause or contribute...

We're here to help

Start your online claim check now. Or, if you have a question, get in touch with our team.