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.
Business is Business & financial planning is a business, the whole FOFA was no more than a stitch up, a Hand full of players under different business name. ASIC & whichever govt will never have the balls to do anything about this. Industry funds included, they all have their noses in the trough the only people to get screw is the independents. If client complains the big boys will cut a Cheque clients signs their rights away the regulators have no balls problem fixed, But an independent you will be bend over like no tomorrow as you may not have the deep pockets as them.
What a load BS from the ANZ
Tried walking into a bank with out some teller or person & the front door trying to flog you one of their branded products,
ANZ have you ever thought maybe giving strategy advice or does that come after you have flogged them a product?
This industry still has long way until it becomes a trusted profession.
But I guess it’s okay to keep selling ANZ One Answer and ANZ OnePath which helps bump up corporate profits. NO wonder the big four were in such a hurry to accept FoFA with open arms…pretty good deal for them in the end.
It is hypocritical for ANZ to take a righteous, moralistic stand for new clients and deny the vast majority of existing clients by imposing continuing commission streams often without any meaningful client service /advice.
Well lets suggest ASIC use them as the first test case to audit their adviser’s FOFA compliance to see if what they claim is actually reality.