Did you receive financial advice from a bank financial adviser?

If so, you may be eligible for compensation!

 

Here are some details to explain:

  • Compensation is payable to financial advice customers of the six big banks.
  • The six banking and financial services institutions in question – AMP, ANZ, CBA, Macquarie, NAB and Westpac.
  • ASIC undertook 2 major review and remediation programs and have determined that compensation is payable to affected customers.
  • ASIC commenced the reviews to look into the extent of failure by the institutions to deliver ongoing advice services to customers who were paying fees to receive those services and how effectively the institutions supervised their financial advisers to identify and deal with ‘non-compliant advice’.
  • How to know if you’re impacted? All impacted customers should have been contacted by their bank directly.

However, if a customer believes they have been impacted and are yet to be notified, they can contact their bank’s customer remediation team.

This link that may assist you further: Australian Banks and financial institutions offer compensation to millions of customers after ASIC review

 

General Advice warning: the information in this article is general in nature, it is not advice specific to your needs. If you want to act upon the information in this article then you should seek advice from a qualified professional. VJC accepts no liability to any party for acting from this information unless they have sought advice in a formal engagement with VJC for this purpose.