Australia's big-four banks have been sprung systemically rorting customers an estimated $178 million for financial advice they never got.
ASIC handed down a report, which will order them to pay it back.
The Commonwealth Bank appears to be the worst offender, with investment house AMP also under the spotlight.
Tom Elliott spoke with Kelly O'Dwyer, minister for financial services, about the matter.
"It's unacceptable," she told 3AW Drive.
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