Commonwealth Bank of Australia (CBA) intends to hire a number of former judges to take part in a review process of each CBA and Colonial Geared Investment customer embroiled in failed advisory group Storm Financial (Storm).
CBA signed an agreement with legal firm Slater and Gordon late yesterday to form the Storm Financial Resolution Scheme.
As part of the scheme, retired High Court Justice Ian Callinan, former Federal Court Judge Roger Gyles and Robert Gotterson QC will be hired as neutral evaluators.
Customers seeking a review of their situation could be confident they were facing a transparent and fair process, a CBA statement said.
"We have committed to put right where we got things wrong for those of our customers affected by the Storm collapse," a CBA spokesperson said.
"We will negotiate in good faith and today's signing, we believe, marks the start of a period where many of our customers can face the future with confidence."
As well as reviewing individual customer circumstances, the scheme will include the disclosure of relevant documents in respect of a customer's circumstances.
The provision of legal advice will be paid for by CBA, the statement said.
