Westpac’s net profit dropped 16% during FY16 thanks to customer remediation and a reduction in wealth and insurance income.
Westpac has announced another $341 million in provisioning for customer remediation programs.
ANZ has been charged $559 million in customer remediation in 2H19, bringing the full year 2019 charges to $682 million.
These charges were mainly for wealth and insurance-related matters and adviser service fees paid to self-employed advisers.
Following a remediation program Suncorp has compensated 4,000 GuardianFP clients.
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