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.