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ANZ Removes Sales Incentives of Financial Planning Bonuses
ANZ has announced industry-leading initiatives to improve the quality of financial planning and customer remediation when things go wrong.
“ANZ Removes Financial Advisors Sales Incentives for Bonuses”
The bank will remove all sales incentives for financial planning bonuses, speed up customer remediation, quickly remove planners that provide inappropriate advice, and demand new professional standards.
Overview of Initiatives:
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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 our financial planning customers who may have concerns about their current financial position
ANZ Chief Executive Officer Shayne Elliott:
“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. 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. 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.”
The Australia and New Zealand Banking Group Limited (ASX:ANZ) first opened as the Bank of Australasia in Sydney in 1835 and in Melbourne from 1838. Its history involves many different bank prior to the merger of the Bank of Australia with the Union Bank of Australia Limited on 1 October 1951. Today, it provides a range of banking and financial products and services to over 9 million customers in 34 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe, and America.
Managing $20 million to $3 billion. Investing $3 million to $300 million.
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