News Life and Health17 Feb 2021

Australia:Compensation for financial advice related misconduct totals almost US$1bn at 31 Dec 2020

| 17 Feb 2021

Six of Australia's largest banking and financial services institutions have paid or offered a total of A$1.24bn ($962.5m) in compensation as at 31 December 2020, to customers who suffered loss or detriment because of fees for no-service misconduct or non-compliant advice, says the Australian Securities and Investments Commission (ASIC).

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