Aussie banks to repay customers mischarged fees
Over 200,000 Big Four bank customers to be refunded at least A$178m for financial advice which wasn't provided
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Sydney
AUSTRALIA'S corporate regulator says the country's Big Four banks will have to repay at least A$178 million (S$190 million) to more than 200,000 customers as a result of past practices of charging fees for financial advice without providing it.
The Australian Securities and Investments Commission (ASIC) said in a report on Thursday that A$23 million had already been repaid by the four banks and wealth manager AMP. ASIC estimated another A$154 million in payments would be required in the future, plus interest which ASIC deputy chairman Peter Kell told reporters could total A$10-15 million.
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