The remediation costs relate to issues that have been identified from reviews to date and remain ongoing, ANZ said in a statement.
It said approximated 57 per cent of that $374 million relates to customer refunds impacting revenue, with the balance relating to remediation costs recorded as an expense.
The total remediation charge is split approximately 66 per cent/34 per cent between continuing and discontinued operations.
ANZ noted key items of customer remediation include:
- Compensating customers for issues arising from product review in the Australia division
- Compensation for customers receiving inappropriate advice for services not provided within ANZ’s former aligned dealer groups.
ANZ will announce its full results on 31 October.
They have fined the big fore millions of dollers then the banks put their rates up .so who paid the fines the banks or the customers the royal commission should have stopped these blatant rate rises proves again no matter how you fine them they just do what they want let’s get thoughtful with the banks
Horrible headline. Call it what it is. Bank setting aside funds for poor management. Stop blaming the advisers. Headlines are often all people read.
I agree. It’s about time that the big banks and AMP are held to account for their failings instead of deflecting to the adviser.