About $1.86 billion in compensation has been paid or offered by six financial services providers to customers who suffered loss from non-complaint advice or were charged for services they never received, the Australian Securities and Investments Commission (ASIC) says.

ASIC says the remediation includes $620.9 million paid or offered in the six months to June 30 by AMP, ANZ, CBA, Macquarie, NAB and Westpac - six of the largest banking and financial services institutions in Australia.

The regulator says they undertook review and remediation programs after the corporate watchdog carried out two reviews into the extent of failure to deliver services to clients who were paying for it and how effectively they supervised their financial advisers to identify and deal with non-compliant advice.

The reviews stemmed from an initial report released in October 2016 describing systemic failures in the advice divisions of AMP, ANZ, CBA and NAB, as well as some of their product issuers.

In March 2017 ASIC released a report outlining findings from its review of how AMP, ANZ, CBA, NAB and Westpac identified and dealt with non-compliant advice by their advisers between 1 January 2009 and 30 June 2015.

The 2017 report also included the development and  implementation by these institutions of a framework for the large-scale review and remediation of customers who received non-compliant advice  in the same period.

“Since the publication of this report, ASIC has been monitoring the ongoing implementation of the institutions’ customer review and remediation programs,” the regulator said.

Here is the breakdown of compensation paid (rounded up to nearest whole number) as provided by ASIC:

AMP paid or offered $230.42 million to 225,513 customers for fees for no service misconduct and paid $38.89 million to 2961 customers for non-compliant advice;

ANZ paid or offered $96.97 million to 32,916 customers for fees for no service and paid $44.7 million to 2123 customers for non-compliant advice;

CBA paid or offered $169.31 million to 57,930 customers for fees for no service misconduct and paid $9.35 million to 626 customers for non-compliant advice;

Macquarie paid or offered $4.63 million to 1105 customers for fees for no service misconduct;

NAB paid or offered $556.14 million to 677,531 customers for fees for no service and paid $80 million to 2183 customers for non-compliant advice and

Westpac paid or offered $578.44 million to 71,498 customers and paid $51.68 million to 3001 customers for non-compliant advice.