Six years on, bank RC remediation continues
More than six years after the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the remediation process is still on foot, according to the Australian Securities and Investments Commission (ASIC).
Responding to questions on notice from a key Parliamentary committee, ASIC said that notwithstanding $4.8 billion in compensation having been paid by the six major banks by December, 2022, work was ongoing.
Answering a question from West Australian Labor member, Tania Lawrence, ASIC said that, as at 18 September 2025, NAB [National Australia Bank] is yet to complete its non-compliant advice program and JBWere (a subsidiary of NAB) is yet to complete its fee for no service (FFNS) and non-compliant advice remediation programs.
“• NAB has advised ASIC it intends to complete its non-compliant advice remediation program by 30 September 2025 and estimates $1.9 million is yet to be paid to customers.
“• JBWere has advised ASIC that:
o For its fees for no service program, it has completed 97% of client assessments with the remaining assessments to be completed by 30 September 2025. JBWere estimates there is approximately $137 million yet to be paid to customers and expects to have made 90% of outstanding payments by March 2026, with residual payment activities expected after that.
o For its non-compliant advice remediation program, JBWere its targeting completion of its program in 2026, however, due to the nature of remediation and customer engagement they expect some residual payments to continue after 2026.
…and yet unionised industry funds are blessed on the d!ck by ASICkjoke to keep raking in $ for Fee for No Advice, year after year for decades since and before.
It’s a worry when ASIC have still not got a grip on remediation for the big banks and have dropped the ball on timescales
So with this in mind how far have they got With the rest of the industry?
It’s frightening to see their lack of supervision oversight when the vast majority of advice businesses have sorted out any fee for service issues
I guess we can have some comfort in seeing that the UK often thought of as being in years in advance of Australian legislation are going through their own fee for no service saga with $960 mill being set aside for a few of the listed entities and we have only just started