<p><span>Six of Australia s largest banking and financial services institutions have paid or offered a total of $3.15billion in compensation, as at 31 December 2021, to customers who suffered loss or detriment because of <span>fees for no service</span> misconduct or <span>non-compliant advice</span>.</span></p>
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ASIC update: Compensation for financial advice related misconduct as at 31 December 2021 miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
The Financial Services Compensation Scheme (FSCS) has named 12 firms to be in default and out of business, including one mortgage adviser. Midland Independent Financial services, formerly The Mortgage Shop, has been listed amongst the 12 firms the FSCS believes are unable to meet any claims themselves. Customers who