$3.6 Billion in Compensation Available From Banks

Six major Australian banks have paid or offered a total of $3.6 billion in compensation to customers affected by fees for no service and non-compliant advice.

As of June 30th 2022, six of Australia’s largest banking and financial services institutions have paid or offered a total of $3.6 billion in compensation to customers who suffered loss or detriment because of “fees for no service misconduct” and/or “non-compliant advice”.

AMP, ANZ, CBA, Macquarie, NAB, and Westpac (the institutions) undertook the review and remediation programs to compensate affected customers due to two major ASIC reviews.

ASIC commenced the first review to investigate ‘Fees For No Service’, and the extent of failure by the institutions to deliver ongoing advice services to financial advice customers who were paying fees to receive those services.

ASIC commenced the second review to determine how effectively the institutions supervised their financial advisers to identify and deal with ‘non-compliant advice’.

The tables below provide a breakdown of the compensation payments made or offered by the institutions as of June 30th 2022.

Fees For No Service Misconduct

Non-Compliant Advice

CBA, ANZ, Macquarie, IOOF, and Westpac notified ASIC that all customers who have been identified as receiving inappropriate advice or non-compliant advice between January 1st 2009 to June 30th 2015 have been remediated.

Institutions’ Expected Substantial Completion Dates For Remaining Ffns Programs

Getting Legal Help for Accessing Remediation

If you’d like guidance on how to receive remediation or escalate your complaint to AFCA, but are unsure where to start, please call FDLegal on 1300 433 533 or email enquiry@fdlegal.com.au. We are committed to ensuring our clients receive the best possible advice and guidance on their situation, especially in bank disputes and financial matters.

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