Newspaper article The Chronicle (Toowoomba, Australia)

ASIC Says Banks Must Refund $200M

Newspaper article The Chronicle (Toowoomba, Australia)

ASIC Says Banks Must Refund $200M

Article excerpt

THE big four banks and AMP have refunded about $60 million to customers they overcharged for financial advice, but must pay a further $144 million, the corporate watchdog says.

In an update on compensation schemes for "systemic failures" in the financial advice industry, the regulator on Friday said the bill had blown out beyond $200 million.

In October the Australian Securities and Investments Commission said the institutions had charged more than 200,000 customers for services they did not receive.

It followed an investigation launched in 2015 into the failures by such companies to deliver ongoing financial advice to customers paying fees for the services.

In October, ASIC estimated AMP, the Commonwealth Bank, National Australia Bank, Westpac and ANZ had overcharged customers to the tune of $178 million.

The commission said last week that following further audits, that sum was now estimated at $204 million.

This includes an extra $35 million for customers of NAB's superannuation trustee Nulis Nominees and its former MLC businesses. …

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