AMP, ANZ, Commonwealth Bank, Macquarie, National Australia Bank and Westpac have paid or offered a total of $1.05 billion in compensation to customers as a result of fee for no service, misconduct and non-compliance advice, according to ASIC.
ASIC said the $1.05 billion figure had been reached at 30 June 2020. The payments relate to ASIC report 499 Financial advice: Fees for no service and ASIC report 515 Financial advice: Review of how large institutions oversee their advisers.
When it comes to fee for no service of misconduct, AMP paid or offered $145 million to almost 200,000. In addition it compensated 2000 customers $28 million for non-compliant advice.
ANZ paid or offered more than $66 million to 26,461 customers for fee for no service or misconduct and a further $39 million to almost 2000 customers for non-compliant advice.
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Commonwealth Bank paid or offered $167 million to 54,826 customers for fee for no service or misconduct and paid $9.3 million to 626 customers for non compliant advice.
Macquarie paid or offered $3.9 million to 983 customers for fee for no service misconduct and had no recorded incidents of non-compliant advice in the ASIC findings.
NAB paid or offered $368 million to 626,883 customers for fee for no service or misconduct and a further $52 million to 1623 customers for non-compliant advice.
Westpac paid or offered $130.5 million to 28,350 customers for fee for no service or misconduct and paid $34 million to 1647 customers for non-compliant advice.