A total of $3.15 billion in compensation has been offered or paid by six of Australia’s largest banking and financial services institutions for financial advice-related misconduct as of Dec. 31, the Australian Securities and Investments Commission (ASIC) has reported.
The figure includes nearly $1.3 billion paid or offered by the institutions between July 1 and Dec. 31.
The ASIC reviews looked into the extent of failure of the institutions to deliver ongoing advice services to customers and on how effectively the institutions supervised their financial advisers to identify and deal with non-compliant advice.
