[Jan Fisher]

Australia’s corporate watchdog said the country’s six largest banking services providers had paid or offered $4.7 billion in compensation to customers for fees charged for services that were not provided.

Yep, that’s right $4.7 billion.

The Australian Securities and Investments Commission (ASIC) last week said it reviewed the ‘big four’, ANZ, CBA, Westpac and NAB, as well as the Macquarie Group and AMP over a period of eight years.

If banks wonder why people don’t like them, then the answer is right there.

When figures for poor performance, fraud and negligence hit the billions, that’s not someone putting the wrong figure in the wrong column, it’s systematic failure from top to bottom.

Have you been charged for services not rendered for your bank? Or offered a refund?

[Author]

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