Institutions’ remediation bill tops $1bn

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, ASIC said.

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 affected customers.

CBA had made over $167 million in payments or offers of payment to over 54,000 customers, while AMP had paid or offered more than $145 million.