ANZ points to FOFA track record

In a submission to the Senate inquiry into the performance of ASIC, the banking group said it welcomed the FOFA reforms and was in an “advanced” stage of the implementation process.

“ANZ is well advanced in removing conflicted remuneration from our products. Our investment, personal super and pension products are offered on a fee for service basis for new clients,” the submission states.

“Our heritage personal investment, super and pension products that previously allowed commission-based payments are closed to new clients. As clients move from superannuation phase into pension phase the number of customers on existing grandfathered commission arrangements will reduce further."

ANZ also singled out its work in implementing the FOFA-imposed codified fiduciary duty.

“On 1 July 2013, ANZ had implemented the best interest duty for all ANZ advisers that operate either out of our bank branches or through our aligned dealer groups,” the submission states.

The submission also noted the bank is keen to work with government and regulators to ensure clarity on “a number of technical aspects” of FOFA, including the opt-in and fee disclosure requirements.