ANZ $3.6B Dodgy Windfall - Yet Refuses to Support Australian Communities
$3.6 billion windfall, $1.25 million fine
In the most recent session, the royal commission investigated how ANZ got its bank tellers to sell a superannuation product.
The bank's chief risk officer thought the scheme could end up closing the bank, describing the risk as "extreme" in a report presented to the commission.
"Regular breaches … would be seen by the regulator as systemic, putting ANZ's licence at risk," the risk officer wrote.
Despite knowing the risk — and that tellers weren't qualified to sell superannuation products — ANZ forged ahead.
Bank tellers pushed Smart Choice Super until ASIC forced them to stop, earning the bank $3.6 billion in funds under management.
ANZ has kept that money and will continue to profit from it for decades.
ASIC and ANZ then came to an agreement about the scandal, an "enforceable undertaking" that avoided the cost and uncertainty of court action.
The bank agreed to stop selling super through bank tellers and paid a fine.
That fine? $1.25 million.
The ANZ has refused to support their abandoned customers by contributing to a deal to support equal access to 3,600 branches offering banking services for all Australian via bank@post through Australia Post. The ANZ bank executives don't see that the fees, which are less than half of 1% of their 2017 net profit, are fair for them to have to pay. They feel the loss of abandoned customers is not worth the economic cost of the bank@post deal! Time to jump ship ANZ customers!