First State, YBR accused of 'fees for no service'

Speaking before the commission, Mr Kell said there were "eight entities", some of which may have more licensees under their umbrella, which have engaged in 'fees for no service'. 

In a statement issued following the revelation, First State Super said the misconduct related to its StatePlus financial advice subsidiary.

"Financial advice company StatePlus has apologised for an oversight that resulted in some clients being charged a fee for an annual review they did not receive," the statement said.

Bendigo and Adelaide Bank also issued a statement acknowledging Mr Kell's testimony.

"The Bank disclosed this issue in its submission to the Royal Commission and continues to work closely with ASIC to agree the appropriate remediation actions," the statement said.

YBR did not respond to requests for comment. 

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