Big banks’ $120m advice compensation: ASIC

The big four banks and AMP have paid a total $119.7 million in compensation to customers who lost out due to bad financial advice between 2009 and 2015.

Corporate regulator ASIC says National Australia Bank led the way at the end of June with a total $32.4 million compensation and remediation to 1,032 customers of 81 advisers.

ANZ and Westpac had both paid more than $26 million, AMP $24.9 million, and Commonwealth Bank $9.3 million.

The figures do not include the fees-for-no-service scandals aired at the financial services royal commission – compensation for which had hit $222.3 million a year ago – nor the $14.1 million NAB has paid out for non compliant advice that started prior to 2009.

CBA’s large-scale remediation programs were likewise not included, and ASIC said it believes more compensation will come as firms continue to address issues.

AAP

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