ANZ sets up $30m compensation program for advice clients
Thursday, 16 April 2015 12:40pm

ANZ will reimburse $30 million to clients of its financial planning business who did not get the annual reviews promised as part of the bank's advice and investment service.

About 8,500 Prime Access clients will be reimbursed, ANZ confirmed in a statement.

The bank said that the problem was rectified in 2013 and that clients have been able to schedule annual reviews since then.

ANZ said it reported the issue to the Australian Securities and Investments Commission (ASIC) and set up a remediation program with PwC and law firm Clayton Utz as external consultants.

The bank is working with the regulator to "finalise the refund methodology and payments will commence as soon as the methodology is agreed."

"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. This includes improved training, technology, audit and supervision as well as including the documented annual review as an essential component of balanced scorecards for our financial planners," she added.

Prime Access is a fee-for-service package introduced in 2003 and includes priority access to financial planners, investment monitoring alerts and a documented annual review.

ANZ confirmed that Prime Access clients had not been receiving the annual reviews they were entitled to as part of the package of services.

Link to something w84suiaR