SYDNEY (CU)_Back in 2015, the Australian Securities and Investments Commission (ASIC) launched a review into the extent of financial service providers’ failure to deliver ongoing advisory services to clients who were charged fees for such services. The probe, known as the fees-for-no-service project, covers some of the top banks in the country, including the Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia, National Australia Bank Limited and Westpac Banking Corporation.
The investigations have resulted in some of these firms paying or earmarking a collective $1.24 billion in compensation. Among those who were found guilty are BT Funds Management and Asgard Capital Management, who were each fined…
