Australia's big banks pay out $750m in fees-for-no-service bill

Australia's six largest financial institutions have now paid out hundreds of millions to customers impacted by financial advice related misconduct, ASIC has revealed. AMP, ANZ, CBA, NAB, Macquarie and Westpac have paid or offered a total of A$749.7m 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, ASIC said in a release.  NAB has paid or offered A$163,862,768 compensation in total, while CBA coughed up A$164,846,374. AMP came in third, shelling out A$140,459,870. NAB compensated the mo...