Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

ANZ complies with ASIC enforcement

ASIC/ANZ/big-four/banks/asic-regulation/

14 June 2019
| By Laura Dew |
image
image image
expand image

The Australian Securities and Investments Commission (ASIC) has announced ANZ has complied with the court enforceable undertaking regarding its fees for no service conduct for its Prime Access service.

On 31 May, ASIC received an audited attestation from Michael Norfolk, managing director private banking and advice at ANZ, and an independent report from Ernst & Young.

ASIC said it was ‘satisfied’ with these and that compliance with the court enforceable undertaking had been finalised, subject to some remaining refunds to be paid by mid-July 2019.

ANZ had also announced it would no longer offer the Prime Access service to new customers and will phase it out for current customers over the next 18 months.

ANZ had attested that the:

  1. the changes to ANZ’s systems, controls and processes that have been implemented in response to the fees for no service conduct;
  2. subject to (c), that ANZ has provided documented annual reviews to Prime Access customers who were entitled to such reviews in the period from January 2014 to March 2018;
  3. in the 1,410 instances where documented annual reviews were found to have not been provided, ANZ is in the process of refunding those customers (with remediation expected to be complete by mid-July 2019); and
  4. that ANZ now has systems, controls and processes that seek to ensure documented annual reviews are being provided, and that instances of non-delivery are detected and remediated.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

4 weeks ago

So we are now underwriting criminal scams?...

7 months ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks 2 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 6 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND