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Australia's big four banks and AMP have had to pay or offer $222m to customers

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 personal advice to customers while charging ongoing advice fees in recent years.

Related: Asic to embed staff in big banks to enforce compliance

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Source: The Guardian