Banking royal commission exposes financial planning’s most egregious rip-off

ANZ, which provided a late update to its submissions to the commission on financial planning on Sunday, has provided $47 million in compo to about 10,000 clients who were charged for documented annual reviews that were not provided.

NAB gets the bronze medal, having compensated customers by $41.3 million for a range of fees that were never provided. This includes $35 million to a breathtaking 220,000 customers who were charged for something called “plan service fees” that were not provided.

Westpac and AMP get off a bit lighter, having provided compensation of $3.2 million and $4.7 million respectively, although Westpac has made $24 million in provisions for further potential refunds.

But AMP, which will be the subject of a case study, is worth a special mention, given its conduct appears to be somewhat emblematic of the rip-offs here.

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