As of 30 June this year, a total of $119 million has been paid in remediation by the big banks as a result of poor financial advice.
The Australian Securities and investments Commission (ASIC) said this is a result of the Report 515 Financial Advice: Review of how large institutions oversee their advisers (REP 515).
Last week, the regulator announced that the review, which commenced in July 2015, focused on:
how AMP, ANZ, CBA, NAB and Westpac identified and dealt with non-compliant advice by their advisers between 1 January 2009 and 30 June 2015;
the development and implementation by these institutions of a framework for the large-scale review and remediation of customers who received non-compliant advice between 1 January 2009 and 30 June 2015; and
a review of Australian financial services (AFS) licensees, selected from within the institutions, to test their current processes for monitoring and supervising their advisers.