ASIC update: Compensation for financial advice related misconduct as at 30 June 2022 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.
<p><span>Six of Australia s largest banking and financial services institutions have paid or offered a total of $3.6 billion in compensation, as at 30 June 2022, to customers who suffered loss or detriment because of </span><span>fees for no service</span><span> misconduct or </span><span>non-compliant advice</span><span>.</span></p>
<p><span>Aware Financial Services Australia Limited (Aware FS), formerly State Super Financial Services Australia Limited (StatePlus), has been ordered by the Federal Court to pay a $20 million penalty for charging over 25,000 customers fees for financial services it did not provide, in contravention of the ASIC Act.</span></p>
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<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.