ANZ to pay back $30m to financial planning clients
ANZ will pay back about $30 million to customers who did not receive annual reviews as part of one of the bank's financial planning and investment services.
The bank on Thursday confirmed it would reimburse about 8500 Prime Access customers.
Prime Access is a service introduced in 2003. ANZ Global Wealth chief executive Joyce Phillips said in a statement the bank apologised to its customers for not delivering the annual reviews.
"We have also put in place a range of measures to ensure this issue does not happen again," Ms Phillips said.
Following the announcement, consumer group Choice released a statement saying the failure to deliver services to financial advice clients was more damning evidence of flaws in Australia's financial advice ind-ustry. Choice chief executive Alan Kirkland said customers would welcome the refund.
"This is an industry that has been taking advantage of its customers for decades," he said.