Published: August 06, 2018
Fee-for-no-service scandal grows as royal commission focuses on superannuation charges
Australia’s fee-for-no-service scandal is continuing to grow, with financial institutions forced to repay customers $260m after charging them ongoing fees without providing services.
The five biggest financial institutions – the Commonwealth Bank, NAB, Westpac, ANZ Bank, and AMP – have had to pay or offer customers $222.3m in refunds and interest for failing to provide general or personal advice to customers while charging ongoing advice fees in recent years.
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