Investing
Australian regulator says banks paid $3.10 billion in compensation for wrongly charged fees
© Reuters. FILE PHOTO: Australian dollars are seen in an illustration photo February 8, 2018. REUTERS/Daniel Munoz
2/3
(Reuters) – Australia’s corporate watchdog said the country’s six largest banking services providers have paid or offered A$4.7 billion ($3.10 billion) in compensation to customers who suffered losses for fees charged for services that were not provided.
The Australian Securities and Investments Commission (ASIC) said on Friday it undertook a review of the systems which led to wrongful fees being charged by the country’s four biggest banks – Commonwealth Bank of Australia (OTC:), Westpac Banking (NYSE:), ANZ Group and National Australia Bank (OTC:) – plus investment bank Macquarie Group (OTC:) and wealth manager AMP (OTC:) Ltd.
The watchdog’s order for customer compensation came at a time when each of the ‘Big Four’ – which account for the majority of lending in Australia – are being closely scrutinised for abusing their market dominance in the wake of scandals involving misleading financial advice, insurance fraud and interest-rate rigging.
The largest business lender in Australia, NAB, took the lead and coughed up A$1.49 billion in compensation as of the end of 2022, followed by CBA and Westpac coughing up a payout of A$1.13 billion and $1.03 billion, respectively.
ASIC said its final update on remediation figures “draws a line” under its eight-year long programme of addressing financial institutions’ failure to provide ongoing services to fee-paying customers.
($1 = 1.5177 Australian dollars)
Read the full article here
T-Mobile Sees Strong iPhone 16 Sales, CEO Says
How to Set Your New Employees Up for Growth
EY, JPMorgan Experts on What Fed Rate Cuts Mean
Transform Your Marketing Visuals, Transform Your Business with Luminar Neo—Just $149.97
Fed cuts interest rates for first time in 4 years – here's what that means for your wallet
United Airlines Adding Starlink, Free WiFi to All Flights
Reduce Your Business Expenses With This $30 Microsoft Office Alternative
There’s a Burnout Crisis in American Workplaces — and This Is the Solution
Correct Your Spelling Errors on PDFs With This All-in-One PDF Tool
Inflation hits 2.5% in August, keeping the Fed on track to lower interest rates
Debt ceiling debate and its effect on the U.S. dollar
Debt ceiling default: Still no deal between parties
Stovall: If the U.S. defaults on its debt, all S&P 500 sectors will likely fall
What China's weaker-than-expected economy could mean for U.S. markets
A ‘Big Short’ investor sees financial disaster brewing in housing markets — again
-
Side Hustles5 days agoUnited Airlines Adding Starlink, Free WiFi to All Flights
-
Passive Income4 days agoReduce Your Business Expenses With This $30 Microsoft Office Alternative
-
Side Hustles6 days agoThere’s a Burnout Crisis in American Workplaces — and This Is the Solution
-
Passive Income6 days agoCorrect Your Spelling Errors on PDFs With This All-in-One PDF Tool
-
Personal Finance5 days agoInflation hits 2.5% in August, keeping the Fed on track to lower interest rates
-
Passive Income3 days agoSam’s Club Membership Went Down to Just $15 for a Year
-
Side Hustles4 days agoHow to Create and Maintain a Positive and Respectful Work Environment
-
Investing5 days agoProfessionals Can Securely Organize Their Files With This Cloud Storage Solution