insuranceandrisk.com.au
ASIC update on compensation for financial advice related misconduct - Insurance & Risk Professional
In its update released today, ASIC has revealed that six of Australia’s largest banking and financial services institutions paid or offered a total of $749.7 million in compensation, as at 31 December 2019, to customers who suffered loss or detriment because of non-compliant advice or fees for no service (FFNS) misconduct. AMP, ANZ, CBA, Macquarie, NAB and Westpac (the institutions) undertook the review and remediation programs to compensate affected customers as a result of two major ASIC reviews. The …