CBA will continue to address past mistakes

• Count Financial Limited (Count Financial) has been purchased by CountPlus Limited (CountPlus). This means Count Financial is no longer part of the Commonwealth Bank Group (CBA). The sale was finalised on 1 October 2019.
• While Count Financial is now owned by CountPlus, CBA has committed to fixing past mistakes for Count Financial clients who were impacted before the sale of Count Financial completed on 1 October 2019.
• We have entered into an agreement to provide up to $200 million to Count Financial clients who are required to be refunded fees or who require compensation to be paid due to inappropriate advice.
• Details of the agreement for Count Financial clients are set out in an Indemnity Deed Poll. A copy of this document is available for clients on request. Count Financial clients can email [email protected]
• For Count Financial clients the financial planning arrangements currently in place won’t change, and you don’t need to take any action. Your Count Financial adviser is still providing the same service and working with you to achieve your financial and lifestyle goals.
• For former Count Financial clients, you don’t need to take any action. We will contact you if you are impacted.
• We are conducting a remediation program to identify affected clients to determine if they are impacted by mistakes in charging fees incorrectly, disclosing fees incorrectly or providing inappropriate advice. If it is determined you are one of those clients, we will write to you directly with details of the mistake and how it will be fixed for you.
• The review will take some time given the large number of clients and that the remediation covers the period starting 1 July 2008. We expect to be able to contact affected clients throughout 2020.

Please contact your financial adviser if you have further question or concerns.