NAB remediation reaches $32m

NAB westpac CBA commonwealth bank ANZ big four the Australian Securities and Investments Commission

1 August 2019
| By Laura Dew |
image
image
expand image

National Australia Bank (NAB) has paid out over $32 million in customer remediation as at 30 June, 2019, part of total $119m paid out by Australia’s five largest banks.

According to the Australian Securities and Investment Commission (ASIC), some $119.7 million has been paid to customers who suffered loss or detriment because of non-compliant advice between 1 January, 2009 and 30 June, 2015.

NAB paid $32,432, 131 to 1,032 customers during the period, the highest figure by the five banks. It also had the highest total of financial advisers at 81, almost double the second-highest figure which was 44 advisers at Westpac.

Westpac and ANZ both paid out around $26,000 to 1,357 customers (ANZ) and 1,173 customers (Westpac).

This was followed by AMP who paid out $24,854,075 to nearly 2,000 customers, the highest volume of affected customers.

Lastly, Commonwealth Bank paid $9,269,005 to 853 customers, the smallest sum and customer total.

There was a range of timescales for when the banks expected to complete their payments with Commonwealth expected to complete in November 2019 but NAB estimating it would take until December 2022.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 weeks 1 day ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month 1 week ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

2 weeks ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

1 week 2 days ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

1 week 1 day ago