ANZ bank will shell out A$3 million ($2.3 million) after an investigation found the lender charged thousands of customers for a service they did not receive.
Customers had signed up to the «ANZ Prime Access» wealth management service, paid for and were entitled to annual reviews – but did not receive them.
Melbourne-based ANZ said it had apologized to customers who didn't receive the review between 2006 and 2013, and would pay A$3 million as a charitable contribution to community organizations. The Australian Securities and Investments Commission published the specific terms with the bank on its website.
«We acknowledge we did not meet customers’ expectations by not providing them the services we promised, we have since introduced measures to prevent this from happening again,» ANZ wealth head Alexis George said.
As part of the enforcement, ANZ will get an independent expert to ensure the bank has delivered the documented client reviews since 2014 and has changed its systems, controls and processes to make sure the reviews continue annually.
