Around 20,000 customers ANZ customers will be compensated approximately $13 million after the bank failed to apply bonus interest to its Progress Saver accounts (PSAs).
In a statement issued by ASIC, ANZ must pay affected customers $13 million in compensation following its failure to accurately apply bonus interest to PSAs.
ASIC deputy chairman Peter Kell said: “ANZ has taken its breach reporting obligations seriously in this matter.
“Breach reporting helps ASIC ensure affected consumers are returned to the position they would have held if it were not for the breach occurring at all.”
According to ASIC, ANZ discovered the breach following a customer complaint and reported it to the regulator.
“ANZ advised ASIC of its intention to undertake a thorough account reconstruction exercise to determine the financial impact on all affected PSA holders,” the statement said.
The bank is currently contacting and providing refunds to affected past and present PSA holders, a process that is expected to be completed by the end of this week.
APRA’s chairman has told journalist that he views the independent capability review as an endorsement of its strategic plan written earlie...
ASIC has proposed a ban on unsolicited telephone sales of life and consumer credit insurance following the royal commission recommendation. ...
The review into the capabilities of APRA was released this week and it found that APRA required a cultural change among a host of other chan...