Extend adviser reference checking protocol says ANZ

ANZ has urged the Government to extend the Australian Bankers' Association (ABA) financial adviser reference checking protocol to the broader financial advice sector to prevent miscreant bank advisers joining non-bank firms.

Addressing the Senate Economic Committee, ANZ chief executive, Shayne Elliott sought to reassure Senators that the big banking group was moving to meet its obligations with respect to a range of issues, including the ABA reference checking protocol.

““To deliver better quality financial advice, we are doing more audits using data analytics and providing better training. If we don’t get our advice right, a dedicated ‘Advice Review Team’ examines this and compensates customers,” he told the committee.

Related News:

“The new ABA reference checking protocol is making it difficult for advisers with proven conduct issues to move from firm to firm. There is, however, a risk of these advisers joining firms outside the protocol,” Elliott said. “We urge Parliament to close this loophole.”

The ANZ chief executive said the banking group was supporting reforms recommended by the Committee, adding “we can see real benefit from the Banking Executive Accountability Regime and have started our implementation planning”.

“We are working to make open data a reality by setting out a deliberately simple and safe form of open banking for the Government’s Independent Review. Our suggestions provide a pathway for open data across the economy that could drive innovation. We will start sharing comprehensive credit data next year.”

Related Content

Qld adviser permanently banned

A former Millennium 3 Financial Services representative and employee of Lifestyle Financial Services, Neil Bruce has been permanently banned from prov...more

ANZ expands OneCare insurance offerings

New offerings from ANZ’s OneCare insurance will allow advisers to provide insurance choices with more cost-effective measures to increase accessibil...more

Default system entrenching regulator and union power

The current default superannuation system has entrenched disengagement and given more fund selection responsibility to regulators, employers and union...more



Add new comment