Big bank advice compensation tops $1.2bn

In a statement, ASIC said the institutions had paid or offered a further $193.6 million in compensation to advice customers in the six months to December 2020.

NAB topped the list in terms of dollar amounts, having paid or offered over $437 million to around 636,000 clients since its remediation program began.

Westpac had the second highest compensation amount at $199.2 million, while CBA – which had completed its remediation program around poor advice in March 2020 – had paid or offered approximately $168 million.

AMP had the highest number of clients who had taken up the compensation offers, with 2,289 clients being paid compensation since the start of its remediation program. The institution had offered a total of $153.8 million as part of its compensation efforts.

More than 9,000 advice customers had been paid compensation across all six institutions.