The corporate regulator has announced that ANZ has complied with its court enforceable undertaking from March 2018 regarding its fees for no service conduct.
ASIC said it received an audited attestation from ANZ signed by Michael Norfolk, managing director private banking and advice, and an independent expert report from Ernst & Young (EY) on 31 May 2019.
It said it is satisfied with the audited attestation and the independent expert report, and that compliance with the obligations under the court enforceable undertaking (CEU) is now finalised, save for the payment of some remaining refunds due to clients, to be completed by mid-July 2019.
ASIC noted that ANZ has attested to the following as required under the CEU:
ASIC said it is aware that ANZ has announced it will no longer offer the Prime Access service to new customers and will phase it out for current customers over the next 18 months and will monitor the phasing out of Prime Access.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
ASIC says it does not expect superannuation trustees to check every SOA, despite concerns that the first QAR bill would ...
A new report from Adviser Ratings revealed more advice firms are actively working to increase their client load, ...
The FSC CEO has acknowledged the scepticism around adding advice businesses to the board but said the industry body is ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin