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Over $3bn paid or offered in compensation for financial advice related misconduct

Over $3bn paid or offered in compensation for financial advice related misconduct

Six of Australia’s biggest banking and financial services institutions have paid or offered over $3 billion in compensation for financial advice related misconduct, ASIC has revealed.

by Shared from Independent Financial Adviser | Feb 14, 2022

The corporate regulator has confirmed that $3.15 billion as at 31 December 2021 has been paid or offered to customers of AMP, ANZ, CBA, Macquarie, NAB and Westpac who suffered loss or detriment because of “fees for no service misconduct or non-compliant advice”.

Read more at Independent Financial Adviser