Commonwealth Bank has completed all assessments in its Open Advice Review program, examining advice provided by Commonwealth Financial Planning and Financial Wisdom.

The bank’s independent expert, Promontory Financial Group, says more than 8600 assessments have been completed and about $23 million paid in compensation, including interest.

The program started in July 2014, reviewing financial advice given between September 1 2003 and July 1 2012.

More than 350,000 households were contacted and customers were invited to register for the program.

“In cases where a customer received poor advice and lost money as a result, we have apologised and offered compensation,” Commonwealth Bank EGM Advice Review Program Leif Gamertsfelder said.

“Our priority now is to work with customers who are considering their assessment outcome, or their independent customer advocate, and respond to any queries or address any concerns they have as soon as possible.”

Promontory is completing its independent review of advice assessed through the program, and is expected to release a final report on March 31.