In a statement released on Monday, ASIC said a total of $1.05 billion had been paid or offered in compensation to affected consumers as at 30 June 2020.
Around $296 million in payments had been offered or made by the institutions in the six months to June.
A breakdown of payments released by the regulator revealed NAB had topped the list in terms of dollar amounts paid or offered since remediation reviews began at the institutions in 2015.
The major bank had paid or offered over $368 million in compensation to more than 625,000 customers affected by fees-for-no-service (FFNS) conduct and a further $52.1 million for non-compliant advice to 1,623 customers.
CBA followed, having made over $167 million in payments or offers of payment to over 54,000 customers for FFNS, and an additional $9.3 million to 626 customers affected by non-compliant advice.
The Commonwealth Bank alerted the regulator at the end of March, that all customers who had received inappropriate advice between 1 January 2009 to 30 June 2015 had been compensated.
Meanwhile AMP had paid or offered more than $145 million for FFNS, for the second greatest number of impacted customers (199,425), as it gave out $28.6 million for non-compliant advice to 2,043 consumers.
Westpac has paid $130.5 million for fees for no service, in addition to $34.1 million for non-compliant advice.
ANZ paid $66.6 million for FFNS, as well as $39.1 million for non-compliant advice. IOOF however will continue the customer review and remediation work for non-compliant advice in relation to ANZ’s aligned dealer groups (ADGs) after it acquired them in 2018.
The last institution, Macquarie, paid $3.9 million for 983 customers affected by fees for no service as at 30 June.
