ANZ provisions for customer remediation

ANZ/remediation/financial-planning/customer-remediation/

8 October 2018
| By Mike |
image
image
expand image

ANZ has announced that its full year 2018 cash profit will be impacted by additional charges, including for customer compensation.

In an announcement released today, the big banking group said that charges of $378 million had been recognised in the second half “for refunds to customers and related remediation costs”.

It said these related to issues that had been identified from reviews to date which remained ongoing.

“Approximately 57 per cent relates to customer refunds impacting revenue, with the balance relating to remediation costs recorded as an expense. The total remediation charge is split approximately 66 per cent/34 per cent between continuing and discontinued operations,” the announcement said.

It said the key items of customer remediation included:

  • Compensating customers for issues arising from product reviews in the Australia Division.  
  • Compensation for customers receiving inappropriate advice or for services not provided within ANZ’s former aligned dealer groups.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS