ANZ falls in line with enforceable undertaking

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:

  1. The changes to ANZ’s systems, controls and processes that have been implemented in response to the fees for no service conduct;
  2. That ANZ has provided documented annual reviews to Prime Access customers who were entitled to such reviews in the period from January 2014 to March 2018;
  3. In the 1,410 instances where documented annual reviews were found to have not been provided, ANZ is in the process of refunding those customers (with remediation expected to be complete by mid-July 2019); and
  4. That ANZ now has systems, controls and processes that seek to ensure documented annual reviews are being provided, and that instances of non-delivery are detected and remediated.

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.

ANZ falls in line with enforceable undertaking
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Adrian Flores

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.

You can contact him on [email protected].

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