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

The Australian economy saw strong growth in the September quarter, officially bringing the country out of recession. ...

Civil penalty proceedings have been brought against the major bank for overcharging interest on business overdraft accounts. ...

The prudential regulator has taken action against Westpac over breaches of liquidity standards, adding that they show weaknesses in the bank...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: What’s being done to support home building?

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.