- July 1, 2024
- Posted by: legaleseblogger
- Category: Related News
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Banking Code Compliance Committee Sanctions ANZ for Breaches
Background
The Banking Code Compliance Committee (BCCC) has issued a statement announcing that it has sanctioned the Australia and New Zealand Banking Group (ANZ) for breaching its Code obligations. The breaches occurred between July 2019 and September 2023, during which ANZ failed to stop or refund fees charged to deceased estates after customers’ deaths.
Breach Details
ANZ’s breaches included:
- Failing to stop or refund fees charged to deceased estates after customers’ deaths
- Not responding to instructions or requests for information from representatives of deceased estates within the required 14 days
Chair’s Statement
Chair of the BCCC, Ian Govey AM, emphasized the seriousness of the breaches, stating that the decision to name ANZ reflects the seriousness of its Code breaches. He noted that naming a bank is a sanction reserved for the most serious and systemic breaches, and that ANZ’s non-compliance warranted such a sanction.
Remediation Efforts
Despite identifying the issues in early 2022, ANZ took over a year to implement solutions and nearly two years to start its customer remediation program, which is still ongoing and expected to be finalised by the end of July 2024. Mr. Govey expressed concerns with the remediation efforts, stating that ANZ did not act with sufficient urgency to remediate the affected customers.
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Comparison to Another Bank
The BCCC also found that another bank had breached its obligations by failing to stop or refund certain fees charged to deceased estates after customers’ deaths. However, in this case, the sanction was a formal warning, rather than naming the bank. The BCCC acknowledged that the bank had identified the issue in June 2022 and taken action to prevent future breaches by August 2022.
Conclusion
The sanctions come off the back of the BCCC’s inquiry into banks’ compliance with obligations for deceased estates in the Banking Code of Practice. The inquiry led to three investigations, with the third expected to be finalised shortly. The BCCC’s work aims to promote Code compliance, hold banks accountable to their commitments, and ensure banks take appropriate action to make things right for customers.
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