Six of Australia's largest banks have paid or offered a total of $1.24 billion in compensation to customers, according to new ASIC figures.

The funds have been returned to customers who suffered loss or detriment due to fees for no service misconduct or non-compliant advice.

AMP, ANZ, CBA, Macquarie, NAB and Westpac undertook the review and remediation programs to compensate affected customers as a result of two major ASIC reviews.

The reviews were launched by the regulator in 2015 to look into the extent of failure by the institutions to deliver ongoing advice services to financial advice customers who were paying fees to receive those services.

Additionally, the reviews looked into how effectively the institutions supervised their financial advisers to identify and deal with non-compliant advice.

NAB leads the ranks in compensation for fee for no service misconduct paying, or offering, $437.5 million to over 636,000 customers.

This is followed by Westpac on close to $200 million, CBA on $168 million, AMP on $153 million, ANZ with $80 million and Macquarie with $4.2 million.

NAB tips the scale again for non-compliant advice, repaying 1956 customers over $66 million.

ANZ follows on $43 million, Westpac on $42 million, AMP on $33 million and CBA on $9 million. Macquarie was not included.

In October 2016 ASIC released findings describing systemic failures in the advice divisions of AMP, ANZ, CBA and NAB, as well as some of their product issuers.

It said these included the failure to ensure provision of ongoing advice services to customers who paid fees to receive those services (fees for no service), the failure of advisers to provide those services, and the failure of product issuers to switch off advice fees of customers who did not have a financial adviser.

In March 2017 ASIC released findings from its review highlighting how the institutions identified and dealt with non-compliant advice by their advisers between 1 January 2009 and 30 June 2015 and the implementation of a framework for the large-scale review and remediation of customers who received non-compliant advice in the same period.

ASIC said it continues to monitor the ongoing implementation of the institutions' customer review and remediation programs.