<p><span>Six of Australia s largest banking and financial services institutions have paid or offered a total of $3.15billion in compensation, as at 31 December 2021, to customers who suffered loss or detriment because of <span>fees for no service</span> misconduct or <span>non-compliant advice</span>.</span></p>
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ASIC update: Compensation for financial advice related misconduct as at 31 December 2021 miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
Source – JANA, FactSet
The Australian equities market (S&P/ASX 300 Index) rose 0.3% in January, with mixed performance across sectors. Real Estate (-4.1%) and Industrials (-3.1%) were the key detractors. The top performing sector was Consumer Discretionary (+4.8%), which was driven by strong retail sales from Covid-19 beneficiaries. Financials (+2.3%) also outperformed, driven largely by the big four banks which benefitted from positive global macro news and new loan growth. Large Caps (0.7%) outperformed both Mid Caps (-1.1%), Small Caps (-0.3%) and the broader index (0.3%). Australian REITs (-4.1%) underperformed both the broader equity market and Global REITs (-0.5%).
US equity markets declined over January with the Federal Reserve warning that the pace of the US economic recovery had weakened. Despite this news, the US equity sell off towards the end of the month is best explained by abnormal retail investor activity. As small and heavily shorted stocks rallied, some h