As seen on 7 News, Billions of dollars in compensation have recently been made available by some of Australia’s largest banks and financial institutions, after the Australian Securities & Investment Commission (ASIC) discovered millions of customers had ‘suffered loss or detriment because of fees-for-no-service misconduct or non-compliant advice’. As a result, approximately $3.15 billion has either already been paid by, or is still waiting to be claimed from, ANZ, AMP, Macquarie, CBA, Westpac and NAB.
This move follows two major investigations conducted by ASIC, with great concern that many who have been affected by these practices are unaware they are eligible to receive compensation.
A Growing Shift in the Banking & Financial Services Industry
Since the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, ASIC has continued to flex their powers as the nation’s financial watchdog to identify and remedy the failures of our banks and financial institutions. A large part of these reviews has centred around delivering ongoing advice that is not compliant with industry standards, or leaving customers to pay extensive fees that reared no services at all.
As of 31 December 2021, payments or offerings from each of the banks or institutions in question totalled:
- AMP – $579,664,727 to 319,269 customers
- ANZ – $123,965,993 to 40,137 customers
- CBA – $173,848,961 to 62,942 customers
- Macquarie – $4,628,000 to 1,105 customers
- NAB – $1,127,275,888 to 754,519 customers
- Westpac – $894,957,011 to 111,284 customers
These efforts are crucial to rectify improper services and act as deterrents for future exploitation. Unfortunately, ASIC powers cannot stretch far enough to provide satisfactory justice for all affected customers in these matters.
Concerns Affected Customers are Unaware of Entitlements
Despite the apparent obligation for these banks and financial institutions to contact their affected customers and ensure they receive the amounts owed to them, most are admitting that there is a great deal who are not opening their letters, or have been unable to be contacted, due to changes in dwellings or contact information. Analysts now estimate that a sizeable amount of the $3 billion is yet to be claimed.
Customers who feel they may be entitled to this compensation are encouraged to contact their bank directly, specifically the customer remediation team.
Get My Refund Specialises in Assisting Affected Customers Receive Compensation
This is not the first instance of Australian banks and financial institutions being exposed for offloading junk products under predatory practices. It is all to extract as much revenue as possible from their client base, but unfortunately, as described above, the public is not always fully informed on their avenues to receive the justice they are owed. When members of the public do try to pursue traditional approaches, like following remediation advice or even Class Actions, they are hit with lengthy proceedings and substantial fees for their representation, resulting in a significant decline in the actual refunds received.
Instead of relying on the uncertain and costly hassle of Class Action legal proceedings, the professionals at Get My Refund can assist you with getting back more of what is owed to you. We specialise in assisting victims of these non-compliant and unethical financial practices, creating tailored approaches to assess your position and building the most appropriate solutions to recover your money.
If you believe you may be entitled to compensation from one of the six banks and financial institutions mentioned above, or any other dubious financial institution, such as insurance providers and lenders, make the smarter choice in retaining your refund by starting your claim today. To learn more about our proven track record for helping our clients across Australia, please contact us today by calling (02) 9156 1000.