Powered by MOMENTUM MEDIA
subscribe to our newsletter

ANZ to repay financial planning clients

ANZ will reimburse approximately 8,500 former clients of its Prime Access financial planning service after the bank identified they have not received annual reviews.

A statement issued by ANZ revealed that clients of Prime Access did not receive services they had paid for. The major bank has since reported the issue to ASIC and has commenced a remediation process.

“ANZ estimates the cost of reimbursing around 8,500 clients who did not receive a documented annual review to be approximately $30 million. ANZ is working with ASIC to finalise the refund methodology and payments will commence as soon as the methodology is agreed,” the statement said.

ANZ global wealth CEO Joyce Phillips said ANZ “sincerely apologises to our clients for not delivering all of the Prime Access services we promised and we will reimburse affected clients as soon as possible”.

The news comes as ASIC issued an update on its probe into vertically integrated advice businesses.

Advertisement
Advertisement

PROMOTED CONTENT


ANZ to repay financial planning clients
mortgagebusiness

Latest News

A report has found that property investor enquiry spiked and first home buyer enquiry faded on the realestate.com.au website compared with ...

The government has bumped up funding for the regulation of super funds, ahead of its incoming Your Future, Your Super reforms. ...

New home sales tumbled in April as the HomeBuilder scheme concluded but a significant volume of building work is set to commence in 2021, ac...

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.