Bendigo, SSFS and YBR added to fee for no service list
The Australian Securities and Investments Commission’s (ASIC’s) latest update on financial advice institutions’ fees-for-no-service (FFNS) refund programs says AMP, ANZ, CBA, NAB and Westpac have now paid or offered customers $222.3 million in refunds.
This follows ASIC’s oversight of other FFNS remediation programs by Bendigo Financial Planning, Yellow Brick Road Wealth Management and State Super Financial Services.
ASIC said it was aware of other AFS licensees which had provisioned for future remediation payments.
The total amount paid or offered across both the big four banks and AMP and the Australian financial services licensees is at $259.6 million, which is a further $6.4 million in payments and offers since the last ASIC update at 31 October last year.
The corporate regulator says it will continue to monitor the FFNS licensees compensation programs.
AUTHOR
Anastasia Santoreneos
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
