On 23 April 2015 ASIC issued an update on the new licence conditions it imposed on Commonwealth Financial Planning (CFPL) and Financial Wisdom (FW) in 2014. CommBank will now be writing to 2,740 former customers and offering them the opportunity to receive $5,000 worth of legal and/or financial advice.
This process is separate from the Open Advice Review Program in which CommBank is offering the opportunity for all customers who received financial planning advice from Commonwealth Financial Planning and Financial Wisdom between 1 September 2003 and 1 July 2012 to have their file reviewed. Slater and Gordon is one of three law firms that has appointed to act for customers participating in the Review Program and is well placed to assist customers who receive letters from Comm Bank following ASIC’s update. If you receive this letter from Comm Bank, register with us to receive more information.
On 2 November 2014 Slater and Gordon lawyers were appointed by the Commonwealth Bank of Australia as an Independent Customer Advocate as part of the bank’s Open Advice Review Program.
The Review Program is open to customers who received advice from Commonwealth Financial Planning and Financial Wisdom between 1 September 2003 and 1 July 2012.
If you are eligible to take part in the CommBank Open Advice Review Program, Slater and Gordon will guide you through the process, advise you of your rights, and ensure your claim is dealt with in a proper manner and that any offer made to you by the bank is appropriate in all circumstances.
Why use Slater and Gordon for OAR?
Slater and Gordon has Australia’s premier financial services negligence litigation team. We regularly commence proceedings against financial advisers and stock brokers on behalf of our clients. Our professional negligence lawyers have many years of experience in disputes of this nature.
If you are eligible for OAR, we will provide you with an integrated service, so that you do not have to separately engage other experts such as accountants or financial planners in order to properly consider Comm Bank’s assessment of your advice. There is no cost to you. As a participant in the Open Advice Review Program with Slater and Gordon, the cost will be funded by the CBA.
Register with us
You can register for the Open Advice Review Program if:
- you are or were a customer of Commonwealth Financial Planning or Financial Wisdom;
- you received financial planning advice between 1 September 2003 and 1 July 2012; and
- you would like that advice to be examined and reconsidered
Time limits may apply.
If you think you might be eligible, contact us for advice on your legal rights.