Powered by MOMENTUM MEDIA
subscribe to our newsletter
ANZ to repay financial planning clients

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.

Advertisement
Advertisement

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.

ANZ to repay financial planning clients
mortgagebusiness

 

Latest News

The embattled wealth giant has confirmed that its statutory net profit fell by $820 million in 2018, due to costs associated with the royal ...

The non-major bank’s net profit after tax has dropped by 4.7 per cent, coinciding with weaker home lending performance. ...

Regulatory sandboxes may not be the answer for regulating cross-border fintechs, a new report has suggested. ...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The aftermath of the final royal commission report

Is enough being done to ensure responsible lending?