AFSL Fees For No Service Remediation Reviews

AFSL (Australian Financial Services Licensee) fees for no service remediation reviews are conducted to help financial institutions in Australia remediate customers who were charged fees for financial advice services that were not provided (i.e. ongoing service delivery failures), Financial Disclosure Statement (FDS) errors and Renewal Notice (RN) errors.

These reviews aim to restore customer trust and ensure that institutions comply with regulatory requirements.

Some key activities we undertake as part of our fees for no service remediation review services are as follows:

• Conduct a comprehensive review of the institution's fee arrangements and customer agreements to identify any instances of fees charged for services not provided.

• Analyse customer data to determine the extent of the fees for no service issue and identify affected customers.

• Develop a remediation plan that outlines the steps the institution will take to compensate affected customers, including calculation methodologies and timelines.

• Support engagement strategy with regulators and other stakeholders to ensure that the remediation plan meets regulatory requirements and industry best practices.

• Monitor the implementation of the remediation plan and provide ongoing operational leadership support to the institution throughout the process.

• Conduct independent reviews to validate the effectiveness of the remediation plan and ensure that all affected customers have been appropriately compensated including a post-implementation review (PIR).

• Provide guidance and training to the institution's staff on fee for no service remediation operational execution best practices.

• Prepare regulatory reports and responses to inquiries related to fees for no service remediation.