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Fee scandal payouts pass $250 million

Customers caught in the fees-for-no-service scandal have been offered or paid $259.56 million in refunds and interest, according to the corporate regulator.

AMP, ANZ, Commonwealth, NAB and Westpac have paid $222.3 million, up $6.4 million since last October.

The rest of the sum comes from financial advice groups’ compensation programs, including Bendigo Financial Planning, Police Financial Services, StatePlus and Yellow Brick Road Wealth Management.

The Australian Securities and Investments Commission is overseeing the compensation programs.

Five other advice groups have set aside funds for compensation, which if paid could take the overall amount past $850 million.

Commonwealth has paid more than $118 million, ANZ $50.79 million, StatePlus $37.22 million and NAB super funds trustee Nulis Nominees $35.9 million. AMP, NAB and Westpac have paid $5.01 million, $5.69 million and $6.9 million respectively.