Investigation into charging of advice fees without providing advice

ASIC is investigating instances of licensees charging for advice that has not been provided. In most cases, the fees have been charged as part of a client’s service agreement with their adviser.

It is probably not a coincidence that the ANZ Bank announced recently that it will be compensating around 8,500 advice clients who did not receive a documented annual review in 2014 despite it being included in the fee they paid.

To download a copy of the ASIC Media Release, click here.