CBA's patch-up program sees thousands on board
Expressions of interest from more than 22,000 customers have been lodged in the Commonwealth Bank's (CBA) open advice review program.
Of those, around 7000 have confirmed that they want their advice reviewed.
The program was launched after revelations of widespread poor advice coming from the major banks, which have since struggled to improve their reputations.
In the latest report on the open advice review program, independent arbitrator Promontory Financial Group said the CBA had directly contacted 350,000 households (via postal mail) for its nationwide customer contact awareness campaign.
Promontory released its first report on the program in January this year, which said it had attracted over 4500 cases from wronged customers in just a few months.
The bank was shown to have contacted 98 per cent of the registered customers and sent information to 95 per cent in the six months after the review program launched.
It is understood that the program will now moved onto its review stage.