ANZ to pay back $30m to some financial planning clients
(21 April 2015 – Australia) ANZ will reimburse around 8500 financial planning customers who did not receive the service they paid for.
The bank is expecting to pay back A$30 million to clients who signed up for its Prime Access service, which is supposed to provide priority access to advisers, monitors the performance of client’s investments and provides annual reviews of their financial wellbeing.
ANZ reviewed the service and found that many customers had not received annual reviews and after alerting the Australian Securities and Investments Commission (ASIC), ANZ must now pay back those customers.
"We sincerely apologise to our clients for not delivering all of the Prime Access services we promised and we will reimburse affected clients as soon as possible," ANZ chief executive of global wealth Joyce Phillips said.
"We have also put in place a range of measures to ensure this issue does not happen again."
The payout equates to an average of more than A$3500 per customer.
Commonwealth Bank of Australia, Macquarie Group and National Australia Bank will also be reimbursing financial planning clients following separate reviews.
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