Six of Australia’s largest banking and financial services institutions paid or offered a total of $749.7 million in compensation, as at 31 December 2019, to customers who suffered loss or detriment because of non-compliant advice or fees for no service misconduct, ASIC says in a statement.
The regulator says that AMP, ANZ, CBA, Macquarie, NAB and Westpac undertook the review and remediation programmes to compensate affected customers as a result of two major ASIC reviews. ASIC says it started the reviews in 2015 to look into:
- How effectively the institutions supervised their financial advisers to identify and deal with non-compliant advice
- The extent of failure by the institutions to deliver ongoing advice services to financial advice customers who were paying fees to receive those services
ASIC states the table below provides a breakdown of the compensation payments made or offered by the institution as at 31 December 2019.
