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Financial Advice

Slater and Gordon lawyers were today 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 (CFP) and Financial Wisdom (FW) between 1 September 2003 and 1 July 2012 who hold concerns about advice they received.

In June, a Senate Committee delivered its Report on ASIC’s investigation and handling of advisors and misconduct at CBA’s financial planning businesses.

The Committee recommended an appropriate compensation scheme be established and in response, the CBA announced its Open Advice Review Program.

Slater and Gordon Senior Lawyer Ben Whitwell said the program is open to an enormous class of CBA customers.

“In participating in the program, Slater and Gordon will ensure the cases of CBA customers who take part are dealt with in a proper manner and that any offer made to them by the bank is appropriate in all the circumstances.

“I encourage CBA customers to contact us regarding the Open Advice Review Program, to ensure their legal rights are protected and preserved while they await the bank’s assessment of their claim.

Customers can contact Slater and Gordon by calling 1800 555 777.

To participate in the Open Advice Review Program, customers must register on CBA’s website or by telephoning CBA on 1800 507 281.

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