Australia’s Commonwealth Bank, which has been embroiled in controversy about poor advice, announced further measures at the weekend to resolve the issue.

Australia’s Commonwealth Bank, which has been embroiled in controversy about poor advice, announced further measures at the weekend to resolve the issue, including sending letters to more than 300,000 financial planning clients.

The bank said it has appointed three plaintiff law firms as independent customer advocates, and expanded customer contact. It originally announced its Open Advice Review programme on 1 July. (To see a previous article about the issue, click here.)

The bank has already named an independent review panel, chaired by a former High Court Judge; named a consultant expert and other individuals to deal with the matter.

In the latest moves, announced this weekend, Commonwealth Bank named law firms - Maurice Blackburn, Shine Lawyers and Slater and Gordon – as independent customer advocates. They will not charge customers for their services in connection to the programme, Commonwealth Bank said in a statement.

The bank also said that details about the program will be included in the next statement or notice to be sent to the more than 300,000 current Commonwealth Financial Planning customers.

“These details will include clear guidance about how customers of Commonwealth Financial Planning between 2003 and 2012 can register for the program. Commonwealth Bank recognises the contractual restrictions in contacting the customers of independently owned Financial Wisdom practices, but will continue to pursue various alternatives to contact past customers of both businesses,” the statement said.

The programme is designed to deliver an “efficient, fair and consistent outcome for any customer of Commonwealth Financial Planning or Financial Wisdom who may have received poor financial advice between 1 September 2003 and 1 July 2012”.