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:
- the changes to ANZ’s systems, controls and processes that have been implemented in response to the fees for no service conduct;
- 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;
- 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
- 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.