The Australian Securities and Investments Commission (ASIC) has announced that $1.24 billion in compensation has been paid or offered to nearly 1 million bank customers
ASIC said that, as at 31 December 2020, six of Australia’s largest banking and financial services institutions had paid or offered the compensation to customers who suffered loss or detriment because of fees for no service misconduct or non-compliant advice.
AMP, ANZ, CBA, Macquarie, NAB and Westpac undertook the review and remediation programs to compensate affected customers as a result of two major ASIC reviews.
Read more, including a breakdown of the compensation offered.
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