The Commonwealth Bank’s compensation scheme has now paid $4.8 million in compensation to customers who received poor advice.

In its latest report on the Open Advice Review program, Promontory Financial Group says 9812 cases have been registered for compensation.

It is assessing 6125 of these, and 3038 have been assessed with a decision delivered to the client.

A total of 332 cases have shown poor advice or incorrect charging of fees, which has resulted in a financial loss.

The review also found advice was appropriate in 2561 cases.

A total of 3153 consumers have left the compensation program either before or after the assessment process.

Commonwealth Bank EGM Advice Review Program Leif Gamertsfelder says the latest report show significant progress has been made reviewing the claims.

“The majority of cases have now either commenced or completed the assessment stage, which is noted by Promontory in its latest report,” he said.

The bank is still trying to retrieve client files from former Financial Wisdom advisers although it has completed obtaining those from current advisers.

By the end of April, the bank had retrieved 8100 files, leaving 860 still to be recovered.

In some of these cases, the bank’s analysis of the relevant transaction data suggests the customers may not have received advice from Commonwealth Financial Planning or Financial Wisdom, meaning some files may not exist.

The number of people working on the cases is now 527, down from the peak of 540 in December last year.