Commonwealth Bank has offered $562,513 in compensation to its financial advice clients, but only $79,702 has been paid.

At April 30, 7237 people had registered for the compensation scheme, with 346 at the assessment stage, according to independent expert Promontory Financial Group’s second report on the bank’s Open Advice Review.

Some 208 had progressed to a settlement stage, with the bank offering compensation to 28. Five had accepted compensation, 19 were considering offers and four had rejected initial offers and received new ones.

“The cases in which compensation was offered were assessed by the bank to have involved poor advice, incorrect implementation of advice or incorrect fees that resulted in financial loss for the customer,” the report says. “In 174 cases (84%), the bank assessed the advice to be appropriate and consequently made no offer of compensation.”

Six cases were assessed as receiving poor advice but suffering no financial loss, and compensation was not offered.

Seventeen customers withdrew from the review program when no compensation was offered, while 144 were still considering their options.

The next report on the review will be published in September.