Bad advice in Australia costs banks $112 million in customer compensation

Pedro Gonçalves
clock • 2 min read

The big four Australian banks and AMP have paid a total A$119.7m in compensation to customers who lost out due to bad financial advice between 2009 and 2015, corporate regulator ASIC has revealed. NAB is leading the charge, having repaid customers the most money with A$32.4m being repaid to 1032 customers over the period.  NAB's compensation bill could have been even higher however. The regulator said it decided to exclude the contribution from one apparently incorrigible adviser whose conduct has cost clients more than $14 million alone. ANZ is a close second having repaid A$26.7m to...

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