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The fee for no service scandal that emerged during the royal commission has landed Australia’s banks with a multi-million dollar bill that could exceed $850m.
Further remediation programs by other financial service licensees are currently being overseen by ASIC, including those for Bendigo Financial Planning Ltd, Police Financial Services Ltd (trading as BankVic), State Super Financial Services Australia Limited (trading as StatePlus), and Yellow Brick Road Wealth Management Pty Ltd. The total amount now paid or offered to customers across both groups of licensees currently stands at $259.6m.
However, a further five licensees have made provisions for future payments and, if these are made in full, remediation may exceed $850m.
Payments from the big four are detailed in the table below
|
Group |
Compensation paid or offered |
Estimated future compensation(excludes interest) |
Total estimate |
|
AMP |
$4,715,188 |
Not yet available |
$4,715,188 |
|
ANZ |
$49,178,004 |
$712,785 |
$49,890,789 |
|
CBA |
$117,671,810 |
$1,517,690 |
$119,189,500 |
|
NAB |
$5,413,535 |
$1,289,404 |
$6,702,939 |
|
Westpac |
$3,113,159 |
Not yet available (1) |
$3,113,159 |
