ANZ customer remediation charges up $559m

ANZ’s 2H19 cash profit has been impacted by a customer remediation charge of $559 million after tax.

In an announcement to the Australian Securities Exchange (ASX), the bank said the remediation charges within continuing operations in the second half of 2019 would be $405 million after tax, largely related to product reviews in Australia retail and commercial for fee and interest calculation and related matters.

In regards to discontinued operations, ANZ said the remediation charges during the second half of 2019 would be at $154 million after tax, primarily associated with the advice remediation program and customer compensation charges for other wealth products.

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The announcement noted that customer remediation for the full year 2019 was at $682 million for both continuing and discontinued operations.

ANZ chief financial officer, Michelle Jablko, said: “We recognise the impact this has on both customers and shareholders.

“We are well progressed in fixing issues and have a dedicated team of more than 500 specialists working hard to get any money owed back to customers as quickly as possible.”

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