{"id":48608,"date":"2020-02-11T16:25:56","date_gmt":"2020-02-11T05:25:56","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=48608"},"modified":"2020-02-27T08:45:51","modified_gmt":"2020-02-26T21:45:51","slug":"six-banks-pay-700m-in-compensation-for-financial-advice-related-misconduct-asic","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2020\/02\/11\/six-banks-pay-700m-in-compensation-for-financial-advice-related-misconduct-asic\/","title":{"rendered":"Institutions Pay $750m in Compensation for Financial Advice-Related Misconduct -ASIC"},"content":{"rendered":"<p>Six of Australia&#8217;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.<\/p>\n<p>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:<\/p>\n<ul>\n<li>How effectively the institutions supervised their financial advisers to identify and deal with non-compliant advice<\/li>\n<li>The extent of failure by the institutions to deliver ongoing advice services to financial advice customers who were paying fees to receive those services<\/li>\n<\/ul>\n<p>ASIC states the table below provides a breakdown of the compensation payments made or offered by the institution as at 31 December 2019.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-48621\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2020\/02\/Screenshot-2020-02-11-16.04.52.png\" alt=\"\" width=\"1316\" height=\"1604\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2020\/02\/Screenshot-2020-02-11-16.04.52.png 1316w, https:\/\/riskinfo.com.au\/news\/files\/2020\/02\/Screenshot-2020-02-11-16.04.52-246x300.png 246w, https:\/\/riskinfo.com.au\/news\/files\/2020\/02\/Screenshot-2020-02-11-16.04.52-840x1024.png 840w, https:\/\/riskinfo.com.au\/news\/files\/2020\/02\/Screenshot-2020-02-11-16.04.52-768x936.png 768w, https:\/\/riskinfo.com.au\/news\/files\/2020\/02\/Screenshot-2020-02-11-16.04.52-1260x1536.png 1260w, https:\/\/riskinfo.com.au\/news\/files\/2020\/02\/Screenshot-2020-02-11-16.04.52-696x848.png 696w, https:\/\/riskinfo.com.au\/news\/files\/2020\/02\/Screenshot-2020-02-11-16.04.52-1068x1302.png 1068w, https:\/\/riskinfo.com.au\/news\/files\/2020\/02\/Screenshot-2020-02-11-16.04.52-345x420.png 345w\" sizes=\"auto, (max-width: 1316px) 100vw, 1316px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Six of Australia&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":48610,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":{"0":"post-48608","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/48608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=48608"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/48608\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/48610"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=48608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=48608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=48608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}