‘Deeply concerning’: ANZ sanctioned for charging fees to accounts of dead customers

The banking watchdog has sanctioned ANZ for continuing to charge or failing to refund fees for deceased estates, and failing to respond to representatives of deceased estates within the required timeframe.

“The significance of the deficiencies in ANZ’s compliance frameworks was deeply concerning. Its non-compliance warranted such a sanction.” Govey also said there were concerns about ANZ’s remediation efforts, which failed to meet expectations.“Once aware of the issues, ANZ did not act with sufficient urgency to remediate the affected customers,” he said. “It should have done more to address this more quickly.

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