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.