NAB accounts for about two-thirds of the total number of customers that received or were offered compensation as a result of fees-for-no-service misconduct or non-compliant advice.
August 25, 2020ASIC has commenced ‘fees for no service’ cases against Asgard Capital Management, BT Funds Management, and StatePlus Super.
August 20, 2020Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.
June 22, 2020The legislative instruments ASIC proposes are based on draft legislation for Royal Commission reforms - due to come into effect in July.
March 10, 2020The changes include guaranteed features for basic bank accounts and the removal of overdraft and dishonour fees on basic, low fee or no fee accounts.
March 2, 2020NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.
February 12, 2020NAB is alleged to have broken the law more than 12,000 times by charging customers fees for no service and issuing defective fee disclosure statements.
December 18, 2019NAB paid the most to compensate customers for failures by the largest number of advisers, and is expected to take the longest to complete its remediation programme.
August 2, 2019ASIC is satisfied with ANZ’s compliance with a March 2018 court enforceable undertaking related to the bank's fees for no service issue.
June 17, 2019ASIC is satisfied that Commonwealth Financial Planning has completed the necessary steps to address a service model that charged fees for no service.
June 13, 2019