Australia’s financial sector will pay customers $7.2bn for wrongdoing, regulator says

Australian Securities and Investments Commission issues guide for paying compensation and tells companies to pay up quickly

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The compensation banks and other financial institutions will pay as a result of their wrongdoing towards customers will reach $7.2bn, the corporate regulator says.

The deputy chair of the Australian Securities and Investments Commission, Karen Chester, said the regulator wanted to stop its hands-on involvement in remediation schemes - a program that's been under way since the mid-2010s, when widespread misconduct in the sector was first uncovered.

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