Late last year, major banks and financial institutions were caught out charging fees for ‘ongoing financial advice’ that customers did not receive. The fees typically affected customers in the wealth management arms, and the banks have since been forced to provide compensation.
Now, another 100,000 customers have been identified who wrongly charged for financial advice that did not occur. The number of people ripped off has now climbed to 300,000 in total, and compensation due is now over $200 million. The banks implicated include ANZ, NAB, Commonwealth Bank, AMP and Westpac.
Have an experience with financial advice, fees and charges? Tell us in the comments below.
