ASIC provides update on amount paid by Australian banking majors for financial advice misconduct
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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ASIC provides update on amount paid by Australian banking majors for financial advice misconduct
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:
Fees for no service misconduct:
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