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Friday 14 June 2019

19-137MR ANZ complies with ASIC court enforceable undertaking

Australia and New Zealand Banking Group Limited (ANZ) has complied with the Court Enforceable Undertaking (CEU) entered into with ASIC in March 2018 regarding ANZ’s fees for no service conduct for its Prime Access service.

On 31 May 2019, ASIC received an audited attestation from ANZ signed by Mr Michael Norfolk, Managing Director Private Banking and Advice, and an independent expert report from Ernst & Young (EY).

ASIC is satisfied with the audited attestation and the independent expert report. Compliance with the obligations under the CEU is now finalised, save for the payment of some remaining refunds due to clients, to be completed by mid-July 2019.

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. subject to (c), 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 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. ASIC will monitor the phasing out of Prime Access.

Read the executive summary of EY’s report dated 31 May 2019.

Last updated: 30/03/2021 09:26