The Australian Securities and Investments Commission (ASIC) is investigating major financial planning companies after finding many cases of planners charging clients for advice that is not provided.

The regulator made the announcement, without naming names, on the same day last week that ANZ said it will reimburse 8500 clients of its Prime Access fee-for-advice financial planning service, after finding the annual review – part of a package of services – had not been provided.

The bank estimates it will cost $30 million to reimburse the clients, and says it is working with ASIC on the refund methodology.

The regulator set up a wealth management project last October to focus on the conduct of large financial institutions.

In an update, Deputy Chairman Peter Kell says clients have been charged for annual advice reviews where no advice is provided, often as part of the service agreement.

Mr Kell says ASIC will consider enforcement action. “We will look to ensure that advice licensees follow a proper process of customer remediation and reimbursement of fees where such breaches [of the law] have occurred.”