REP 499 Financial advice: Fees for no service
Released 27 October 2016
In 2015, ASIC commenced a project to review the extent of failure to deliver ongoing advice services to financial advice customers who were paying fees to receive those services.
The project covers Australian financial services (AFS) licensees that are product issuers or provide personal advice to retail clients, and that are part of AMP Limited, Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia, Macquarie Group Limited, National Australia Bank Limited and Westpac Banking Corporation.
This report outlines the findings and outcomes to date.