ANZ Bank says to pay $23mn in compensation to some financial planning clients

16 Apr, 2015

SYDNEY: Australia and New Zealand Banking Group on Thursday said it will pay about A$30 million ($23.29 million) in compensation to clients of a fee-for-service package after it failed to provide a documented annual review.

Australia's No. 3 lender by market value said the decision would affect about 8,500 clients of the Prime Access product.

Prime Access was introduced in 2003 and includes priority access to financial planners, investment monitoring alerts and a documented annual review.

Australian regulators are cracking down on financial planning and advice divisions of banks after a scandal at the Commonwealth Bank of Australia involving wrong or misleading financial advice.

Copyright Reuters, 2015

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