CBA offers $29m in compo for dodgy advice

Commonwealth Bank has offered $29.1 million in compensation to customers who lost out because of the lender's advice or incorrectly imposed fees.

Commonwealth Bank has offered a total $29.1 million in compensation to customers who have lost out. (AAP)

Commonwealth Bank has offered a total $29.1 million in compensation to customers who lost out as a result of its poor financial advice or incorrectly imposed fees.

The lender had paid out $23 million across 1,641 cases by May 31 and is aiming to finalise the remaining 545 cases over the coming months, according to the final independent report by Promontory Financial on CBA's Open Advice Review program.

The vast majority of cases should be closed by the end of the year.

CBA launched the review in July 2014 and received 22,797 expressions of interest from customers concerned about their treatment between September 2003 and July 2012.

The bank registered 10,128 cases, of which 8,654 received further investigation.

Almost three quarters of those were ruled to have received appropriate advice, while 14 per cent received poor advice that resulted in financial loss for customers and seven per cent received poor or incorrectly implemented advice but did not lose out.

Another six per cent were offered fee refunds.