Commonwealth Bank has paid $2 million to clients under its review of poor advice, with a further $900,000 outstanding.

This compares with $488,000 paid at the end of August last year.

There are 9356 cases registered with the program, rising by 511 during the three months to December 31.

Of this total, assessment has started on 4041 cases and 1937 have been completed.

Some 1061 cases were found to involve acceptable advice, 44 bad advice but no financial loss to the customer, and 83 for which compensation will be offered.

The Open Advice Review is being undertaken by Promontory Financial Group on behalf of the bank.

Commonwealth EGM Advice Review Program Leif Gamertsfelder says the latest figures show the bank is making progress.

“This report outlines the progress we have made in the program to deliver assessments in a thorough, fair and consistent way, which is our priority.

“To date the reviews have confirmed, with independent oversight, the large majority of customers whose advice has been assessed received appropriate advice. If customers received poor advice, we will apologise and where this has resulted in financial loss we compensate them.”

Since the program began Promontory has received 23,221 expressions of interest in having advice reviewed.

However, in some Financial Wisdom clients’ cases there has been difficulty retrieving files.

The report says the bank has retrieved more than 970,000 hard-copy advice files from Commonwealth Financial Planning advisers.

“Efforts to retrieve the files of customers registered in the program who received advice from Financial Wisdom advisers… remains ongoing,” it says.

“While the bank made significant progress in collecting the files of customers in the program who were advised by current advisers, the retrieval of advice files for customers of former Financial Wisdom advisers remains in progress.”

At December 31 the bank had retrieved almost 8000 client files, but 1050 Financial Wisdom client files have not been obtained and there is no advice available for assessment.