The big four banks and AMP have paid $60 million in compensation to clients, from an expected total of more than $200 million.

The payouts are for general advice that was charged but not provided by various institutions the companies own, according to an update from the Australian Securities and Investments Commission.

It includes MLC’s failure to provide general advice to members of its superannuation funds.

NAB is examining this despite no longer owning the life insurer. The number of affected members is estimated at 220,460, leading to compensation of about $34.7 million.

NAB faces further compensation payments over adviser service fees deducted in error, affecting more than 3000 clients of Apogee Financial Planning, GWM Adviser Services and the bank.

The bank’s total compensation is estimated at $5 million, and by April 21 it had paid $4.6 million.

AMP’s total payout has dropped to $4.4 million from $4.6 million after reviewing client files. It had paid $3.8 million by April 21.    

Commonwealth Bank faces the largest compensation bill, of $106.6 million. Only $5.8 million has been paid.

ANZ’s compensation estimate has risen to $52.4 million from $49.7 million after the identification of failures in two adviser groups: Financial Services Partners and RI Advice Group. The biggest problem area was the bank’s Prime Access service, in which there was no evidence of statements of advice for the annual review period.

ANZ says $7.5 million will be required to cover its failure to rebate commissions. The bank had paid $43.8 million of compensation at April 21.

Westpac has paid all its $2.6 million of compensation.

The regulator will continue to monitor the compensation schemes. It expects to issue another payment update by the end of this year.