ANZ planners told: Two audit fails and you’re out

ANZ will implement a two audit fails and you’re out policy as part of its response to the Royal Commission into Banking, Superannuation and Financial Services.

The big banking group announced the initiative today, alongside the removal of all sales incentives and bonuses for financial planners and performance assessment based on customer satisfaction.

Announcing the moves, ANZ chief executive, Shayne Elliott described the changes to bank policy as being “industry-leading initiatives” which would mean the big banking group removing all sales incentives for financial planning bonuses.

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He said the bank would also be speeding up customer remediation, quickly removing planners that provided inappropriate advice, and demanding new professional standards.

“Financial advice is an important part of the services we offer, but it’s also an area where we’ve failed some of our customers,” he said. “We know it has taken too long for changes to occur, so where we see solutions we will act. That’s why we are getting on with these initiatives now,” he said.

"It is important customers feel confident in the quality and trustworthiness of seeking advice so they can save for retirement and protect the things they care about in a complex system,” Elliott said.

Outlining the initiatives, Elliot said the bank would:

•             Remove all sales incentives for bonuses and only assess performance on customer satisfaction, ANZ values, and risk and compliance standards

•             Quickly identify and remove planners that provide inappropriate advice – two audit fails and their contract will be terminated

•             Only employ new planners with a relevant under graduate degree and industry certification, and require existing planners to be enrolled in further necessary training by January 2019

•             Commit to completing compensation on about 9000 current inappropriate advice cases by the end of the year

•             Offer an advice review, at no expense, for any of financial planning customers who may have concerns about their current financial position

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Thank goodness it is only planners and i am in management, looks like I have 9 lives.

good one. hilarious.

Typical bank deflection of the real issues raised at the Royal Commission. What are the penalties for the conduct of ANZ management?

Have to agree, talk about topsy turvey, it should be planner fails audit, manager gets sacked, clients are compensated, and planner has further training. What are these ems there for anyway, oh yes to make sure the planners adhere to the anz what were they again? Imagine ANZ one of the worse offenders now making all these changes to be a beacon to the industry, wow a offer for an annual review, what a light bulb moment for the ems that must have been, hey heres a idea lets work for the fees, well doh you guys are a bit behind on that one. Typical banks, burn the rest of us for their own benefit, blame the minons not the ones that direct them, then try and differentiate by using these wishy washy new targets and this "free review" to try and win back trust, its just pathetic.

I was worried my management bonuses were going to be affected and got a real shock. Luckily that's not the case. Anyway, better get back to setting targets for my planners next year, all this talk isn't getting sales you know.

In breaking news Qantas pilots told if they crash a plane and kill people twice.... then they'll be out. Alan Joyce announced that this was "industry-leading" he want on to say "t is important customers feel confident in the quality and trustworthiness of seeking" out a pilot he said...

Failing an audit that's probably Green, amber , red ... must be pretty poor.

Predictable way of not having to pay redundancies.

oh forget to mention. The FPA and the Banks are like a VB commercial. You can fail Australians and appear before a Royal Commission, you can tarnish the reputation of all Financial Planners, you can even leave yourself open that you've committed crimes ... but your membership of the Financial Planning Association is 100% safe. mmmm fail an audit twice and you're gone Mr Individual, fail an entire industry and the Australian public and it's don't forget to pay your membership fees on time Mr ANZ please.

New industry standards to be introduced - 2 strikes and out, cricket, football, J Walking, 2 emails, incorrect grammar, spelling mistakes that you should not send - interesting as to when common sense starts to come into play or will business just become black letter approach to business. How about some common sense and just ethical behaviour.

No wonder the younger generation is having difficulty understanding what a profession or employee status means.

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