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ANZ has been sanctioned for charging charges to the estates of useless shoppers in what has been described as a critical breach by the Banking Code Compliance Committee (BCCC), the business’s impartial monitor.
The larger image: The main financial institution was discovered to have didn’t cease charging, and didn’t refund charges charged to, deceased estates after prospects’ deaths.
It additionally failed to reply to requests for info from the useless shoppers’ representatives, which it’s required to do in beneath 14 days.
The important thing quote: “The importance of the deficiencies in ANZ’s compliance frameworks was deeply regarding,” stated committee chair Ian Govey.
He stated publicly naming the financial institution for its failures was essentially the most critical sanction the business overseer might levy.
What else to know: ANZ recognized the difficulty in 2022 however took over a 12 months to start out implementing options and one other 12 months earlier than it began its ongoing buyer remediation program.
What occurs subsequent: The BCCC discovered one other financial institution had charged charges to deceased estates however selected to not publicly title the monetary agency because it resolved the difficulty inside an inexpensive timeframe. It’s investigating a 3rd financial institution.
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