Commonwealth Bank has paid $6.73 million at August 31 in compensation to clients who received poor advice, according to an update on its Open Advice Review.

Promontory Financial Group, the independent expert overseeing the program, says there are 10,110 registered cases.

It is assessing 7750 of these, and an outcome has been made on 5411 cases.

Some 438 cases featured poor or incorrectly implemented advice that resulted in financial loss, while advice was found to be appropriate in 4045 cases.

“The report confirms that the large majority of customers whose advice has been assessed received appropriate advice,” the bank says.

“If customers received poor advice, we will apologise and where this has resulted in financial loss, we compensate them.”

Some 1434 customers left the compensation program at the registration or assessment stages without any assessment outcome.

The latest update covers the four-month period to August 31. A report on the period to December 31 is expected in the first quarter of next year.