ASIC: Major bank compensation update

AMP, ANZ, CBA, NAB and Westpac have so far paid over $204 million, plus interest, in compensation for fees-for-no-service after charging for advice that was not being provided to clients. 

In October 2016, ASIC released a report regarding the advice elements of the big four banks and AMP, with details of the failures of the banks to provide the advice their clients were paying for. Compensation figures have increased since the first report. 

Compensation paid or offered:

• AMP - $4,419,714
• ANZ - $52,431,572
• CBA - $105,637,587
• NAB - $5,027,383
• Westpac - $2,670,479

ASIC is due to continue monitoring compensation programs and provide updates.