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Banks to face legal action over advice

Australia’s most renowned banks could face legal action after the revelation of ‘multiple instances’ of failing to provide services their customers had paid for.

Last week, corporate regulator ASIC announced that it was investigating a number of banks and wealth managers over the charging of advice that was not provided.

Shine Lawyers Professional Negligence Department Manager Jan Saddler says the institutions could face significant legal action as a result of their conduct.

‘If people have been charged for something that they haven’t actually received, then it goes without saying that they’re entitled to be reimbursed for those amounts,” Ms Saddler said.

“This is a situation that could involve mass compensation claims,” she said.

Ms Saddler says it was heartening to hear of ASIC’s intentions to consider all regulatory options but advised customers to ensure they were aware of all their rights.

“Consumers of financial advice who have been affected by such failures should consider all their rights, including those outside the regulatory framework.”

Any consumers who feel that they may have a claim should contact Shine Lawyers to discuss their particular circumstances.


Written by Jan Saddler

Written by Shine Lawyers. Last modified: April 26, 2015.

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