Australia's big banks -- once among the world's most profitable -- are being forced to amass war chests worth billions of dollars to reimburse customers for years of dodgy fees.
A Royal Commission exposed rampant bank malpractice that included charging fees to dead people, charging fees for no services at all, aggressive selling tactics and poor advice that led to significant financial upheaval for clients. Earlier this week NAB's competitor ANZ said it had set aside Aus$928 million in remediation costs since the first half of the 2017 financial year and contacted more than 276,000 customers.The total cost for the sector could be as much as Aus$6 billion, according to a Macquarie Research estimate.
NAB said that in the past six months it had put aside Aus$525 million for"customer-related remediation costs", bringing the total provisions to Aus$1.1 billion.
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