ANZ remediation costs break $1 billion

The additional charges have pushed the total customer refunds paid by the bank to over $1 billion.

The bank said $405 million is the result of fee and interest calculations following reviews of Australian retail and commercial products.

Another $154 million is associated with the banks advice remediation program and customer compensation charges for wealth products.

The bank said that the charges relate to historical and ongoing reviews into its business.

ANZ chief financial officer Michelle Jablko said: "We recognise the impact this has on both customers and shareholders."

"We are well progressed in fixing issues and have a dedicated team of more than 500 specialists working hard to get any money owed back to customers as quickly as possible."

The news comes after NAB announced a further $1 billion in customer compensation at the start of this month as the big banks continue to suffer the consequences stemming from the Royal Commission.

Read more: ANZMichelle JablkoNABRoyal Commission
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