INSURANCE | Staff Reporter, Australia

Six Australian firms paid almost $1b in non-compliance redress in 2020

This is on top of $149.8m in compensations from 1 July to 31 December 2020.

The Australian Securities & Investment Commission (ASIC) has revealed that six banking and financial services institutions compensated a total of $960m (A$1.24b) as of end-2020 to customers for no-service misconduct or non-compliant advice.

This is on top of $149.8m (A$193.6m) in compensation payments or offers by the institutions from 1 July to 31 December 2020.

AMP, ANZ, CBA, Macquarie, NAB, and Westpac undertook the review and remediation programmes to compensate affected customers as a result of two major ASIC reviews commenced in 2015.

These reviews looked into the extent of failure by the institutions to deliver ongoing advice services to clients who were paying for those services, and how effectively the institutions supervised their financial advisers to identify and deal with non-compliant advice.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.