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].
A new report has been released this week.
The wrap investment platform has added new managed portfolios to its menu.
The current funding model has been in place for five years.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.