ASIC - Banking remediation and compensation update

Question

Senator O'NEILL: I am. It's related to banking as well. We had the media release about the final ASIC update on the compensation for financial advice related to misconduct. If there were any further update then that would be helpful, but I can't anticipate that there would be. However, there's still further remediation for other infractions since that period of time, as things are identified at the bank. I was just trying to get an update on what's been going on in that space-on notice-with regard to banks and appropriate remediation for failure points, and anything you can give me a sense of in terms of systemic response, because we know that it's laborious and hugely expensive to do the remediation and that not everybody was captured or responded to because of the failure of systems. So I'm trying to get a bit of a handle on where that's all up to. Ms Court: We're very happy to take that on notice.

Answer

See attached response.

Documents

• Question with answer (PDF) (opens in a new tab)
• SQ26-000484 ASIC - Banking remediation and compensation update.pdf (opens in a new tab)