On Wednesday (24 August), Australian corporate regulator Australian Securities and Investments Commission (ASIC) issued an update on compensation paid for financial advice-related misconduct as of 30 June 2022.
The ASIC revealed that as of 30 June 2022, six of Australia's banking giants & financial services institutions paid/offered a total amount of AU$3.6 billion in compensation to customers who experienced loss or detriment due to 'fees for no service' misconduct or 'non-compliant advice'.
This includes $438 million paid/offered by the institutions between 1 January to 30 June 2022.
It is to be noted that major Australian banks AMP Limited (ASX:AMP), Australia and New Zealand Banking Group Limited (ASX:ANZ), Commonwealth Bank of Australia (ASX:CBA), Macquarie, National Australia Bank (ASX:NAB), and Westpac undertook the review & remediation programs to compensate the impacted customers as a result of two major reviews by ASIC. As per the ASIC release, the compensation payments by the institutions as of 30 June 2022 are as follows:
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