Australian Securities and Investments Commission (ASIC) released an official statement highlighting how the big four have now $223 Million in refunds.
This was released while the Paul Carter NULIS (MLC/NAB) is being questioned by the Michael Hodge QC at the Royal Commission into misconduct.
The ASIC said that this $6.4 million more than in ‘payments and offers’ since the last official statement about payments and refunds. Compensation payments and estimates as they have been reported to ASIC as of June 30th.
This table that has been recreated from the ASIC website.
In relation to the ongoing hearing which involves NULIS who are acting trustees for the NAB.
The ASIC report indicates that that the compensation is in relation to two breaches when it comes to general advice in superannuation.
Since this, the June 30 disclosure to the corporate regulator, last month NULIS announced further remediation when it comes to general advice fees but not with interest.