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Commonwealth Bank's two-and-half year review of financial advice has concluded with the bank offering to make compensation payments to 1800 customers totalling $23 million.
The Australian Financial Review understands that more than half of the 1800 customers who had offers put to them have finalised their compensation payments either by accepting or negotiating better offers.
Commonwealth Bank executive general manager Leif Gamertsfelder said that the completion of the assessments was a step forward in the bank's attempt to make things right with customers who received poor advice from its planners.
"Our priority now is to work with customers who are considering their assessment outcome, or their independent customer advocate, and respond to any queries or address any concerns they have as soon as possible," Mr Gamertsfelder said.
Promontory Financial Group has been providing periodic updates of the program with a seventh report due at the end of January. The seventh and final report has been pushed out to March 31 to incorporate the conclusion of the program.
Promontory Financial Group CEO Dr Jeff Carmichael said that the processes employed by the bank in the review had been fair and balanced.
"While there have been exceptions in the process, the single biggest message is that where we have identified them they have not been systemic, that they have been one-offs" Mr Carmichael said.
Commonwealth Bank CEO Ian Narev announced the Open Advice Review Program (OARP) on July 3, 2014 after the scope of poor financial advice at the bank was revealed by a series of investigative reports and a senate inquiry.
The review was the one of the largest of its kind with the bank contacting more than 350,000 customers to register their cases with the OARP. The bank made 8600 assessments before wrapping up the program.
The bank has now made offers to 20 per cent of the assessed cases. Only ten per cent of the total number of cases reviewed by the OARP have accepted the offers or otherwise finalised their grievances with the bank.
Customers who had cases assessed by the bank were able to refer their cases to one of three independent customer advocates including Shine Lawyers, Maurice Blackburn or Slater and Gordon regardless of the outcome.
The independent customer advocates were then able to refer particular cases to an Independent Review Panel chaired by retired High Court Judge Ian Callinan AC.
Commonwealth Bank shares fell 40c or 0.5 per cent to $81.51. The bank will present its half year results on Wednesday February 14.