AMP, ANZ Bank, Commonwealth, NAB and Westpac have now paid or offered customers $222.3 million in refunds and interest after paying for financial planning advice they didn’t get.
According to numbers released by corporate regulator ASIC, the five probably have another $80 million or so to pay out.
ASIC is also overseeing remediation programs by 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 is $259.6 million.
Compensation payments and estimates reported to ASIC:
Adding in to the total is NAB superannuation which has paid $35,900,408 with another $67 million to go.
ASIC says other institutions have provisions for remediation payments.
If all of these provisions are paid in full, remediation may exceed $850 million.
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