Commonwealth Bank of Australia (ASX:CBA) has offered an apology and a compensation offer to customers in relation to poor advice provided by some of their advisers between 2003 and 2012.
The bank announced its Open Advice Review program yesterday which will offer an assessment of advice received, access to a customer advocate and an independent review panel.
The scheme comes in the wake of criticism levelled at the bank for their handling of the allegations of misconduct by some advisors.
The process is slated to begin in August but so far there is no clear indication of what the cost to the bank will be, nor the makeup of the independent panel and consumer advocate.
Commonwealth Bank made a net profit of $4.2 billion in the first half of the 2014 financial year.
