ANZ sets over $300m aside to address advice failures

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.

Adrian Flores

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.

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You can contact him on [email protected].