WebDec 17, 2024 · In a statement, ASIC alleged that from December 2013 to February 2024, NAB: engaged in fees for no service conduct by failing to provide ongoing financial planning services to a large number of customers while charging fees to those customers; failed to issue, or issued defective, fee disclosure statements (FDSs). In 2015, we began a project to review the extent of failure to deliver ongoing advice services to financial advice clients who were charged fees for those services (fees for no service). The project covers AFS licensees that are product issuers or provide personal advice to retail clients, and that are part of AMP Limited, … See more While a fee for no service is the failure to deliver ongoing advice services to financial advice clients who were charged fees for those services, this … See more The information below relates specifically to fees for no service. It should be read in conjunction with Regulatory Guide 256 Client review and remediation conducted by advice licensees … See more Please note that this information sheet is a summary giving you basic information about a particular topic. It does not cover the whole of the relevant law regarding that topic, and it is … See more
19-051MR ASIC provides update on further reviews into fees
WebSep 11, 2024 · ASIC's case against NAB was the first in an industry-wide scandal known as "fees for no service", which has led to massive compensation bills across the banking and financial services sector. WebJul 16, 2024 · ASIC launched separate legal action in May against AMP for allegedly charging fees to dead customers, and it said it would continue to put a high priority on the wider fees-for-no-service scandal ... chevrolet tahoe specs
ASIC takes NAB to court over fees for no service
WebFeb 4, 2024 · Hayne noted that until the Royal Commission was established, “ASIC and the relevant entities approached the fees for no service conduct as if it called, at most, for the entity to repay what it had taken, together with some compensation for the client not having had the use of the money”. WebDec 6, 2024 · Fees for no service: ASIC alleges that Westpac charged over $10 million in advice fees to over 11,000 deceased customers for financial advice services that were not provided. General insurance: ASIC alleges that Westpac distributed duplicate and unnecessary insurance policies to over 7,000 customers and sought payment of … WebSep 19, 2024 · If ASIC succeeds in its action against two subsidiaries of the National Australia Bank, the rest of the industry will be put on notice. Fees for no service: how ASIC is trying to make corporate ... chevrolet tahoes for sale in tucson