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

Pedro Gonçalves
clock • 1 min read

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...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?