Home
/
Posts
/
News
/
Big banks pay out millions for fees-for-no-service

Big banks pay out millions for fees-for-no-service

ASIC has revealed that Australia’s six largest financial institutions have now paid out hundreds of millions to customers impacted by financial advice related misconduct.

by Shared by the ifa | Feb 11, 2020

myGov client communication change rollout begins

AMP, ANZ, CBA, Macquarie, NAB and Westpac have 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.