The decision of the big four banks to exit financial advice should have been a boon for AMP and IOOF. "You would have noticed in the royal commission there have been instances in the past - not just with ANZ - where people are called out for failure to comply with something and it's hard to know what the consequence was". ANZ is aiming to clean up its financial planning with new measures that include firing planners who give customers inappropriate advice. "For things like values and compliance, they're knock out. "I think it's a fair criticism that that we haven't spent enough time on structural reform," Shayne Elliott said.Mr Elliott said that going through the royal commission had been "confronting". Financial planners employed by ANZ Banking Group will no longer get bonuses for pushing products and will be sacked if they fail a compliance audit twice, but chief executive Shayne Elliott admits the bank has been too slow to fix systemic issues that has allowed bad adviser behaviour to flourish.
It's about the structure. But it's of high value to our customers and we know that they benefit from it," said Mr Elliott.
"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," he said.This comes after the banking royal commission put a spotlight on the financial advice sector, exposing the big four banks' and wealth manager AMP's practice of charging customers for financial advice they never received.ANZ's new measures includes removing all sales incentives and bonuses for financial planners and only assessing performance on customer satisfaction, "ANZ values" and meeting risk and compliance standards.The bank said it will "quickly identify and remove planners" who provide inappropriate advice, with two failures of an audit to result in their contract being terminated.ANZ has also promised to finish compensating by the end of the year about 9,000 customers who received inappropriate advice.The bank says new planners it employs will have to have a relevant undergraduate degree and certification, while existing planners will have to undergo further necessary training by January.Customers concerned about past advice are being offered no-cost reviews.Download our free app on the App Store or Google Play for the latest headlines and breaking news alerts.We love feedback: help us improve by rating the app and sharing your suggestions at Sign up now for the latest news from Australia and around the world direct to your inbox.Please select the editions you would like to sign up toFollow SBS News to join in the conversation and never miss the latest live updates.Watch SBS World News live daily at 6:30pm on TV and SBS acknowledges the traditional owners of country throughout Australia. "All of our existing financial planners will be required to attain, or commence a pathway to the attainment of these minimum professional and educational qualifications by January 1, 2019. "Essentially sales," Mr Elliott said.But from Friday this has been removed, with planners and their managers now receiving bonuses for customer satisfaction as measured by a net promoter score, meeting compliance and audit standards and adhering to ANZ values including being collaborative respectful. "We know that financial planning in and of itself is not a terrific business, there is not a lot of money to be made.
"What we're seeing in the royal commission is planners prioritising their interest over the customer or prioritising their employer over their customer. It should have been done before, but at least we're getting on with it now," he said as the bank unveiled a range of changes to company's financial planning business.ANZ CEO Shayne Elliott says structural issues have lead to bad financial advice.ANZ has paid at least $130 million in remediation to customers over the last decade over a range of issues and anticipates it will spend a further $50 million on royal commission costs this financial year.Mr Elliott agreed that some observers may read the moves as the bank "just doing its job," but he insisted they reforms were "bold" when compared to ANZ's peers.Up until now, ANZ financial planners' performance scorecard had a 20 per cent weighting to targets like revenue or number of accounts. But many are wondering whether they've got the right strategies to succeed in the longer term.IOOF chief executive Renato Mota said the transaction marked the end of the troubled wealth management industry's era of bank ownership. Senior Australian investment banker Tony O'Sullivan's company has been swamped by investor demand for a new funding round. ANZ is aiming to clean up its financial planning with new measures that include changing incentives and firing planners who give customers inappropriate advice. "We also know that customers who use financial planning tend to be really good bank customers as well".Follow the topics, people and companies that matter to you.Boutique corporate adviser Greenstone Partners is in front of heavy industry types seeking a buyer for the family-owned specialist equipment hire company. Financial planners employed by ANZ Banking Group will no longer get bonuses for pushing products and will be sacked if they fail a compliance audit twice, but chief executive Shayne … "There is inevitably always cases of bad apples, but that is not what the issue is about. With completion no later than January 1, 2023, in advance of the industry requirement on January 1, 2024," said Mr Elliott.Shayne Elliott said that going through the royal commission had been "confronting". Liberal MP Tim Wilson has become one of the few politicians to publicly slam the Victorian lockdown, saying the cost in jobs and economic opportunity is 'immoral'.Lebanon's ambassador to Germany Mustapha Adib was set to be designated prime minister on Monday ahead of a visit to Beirut by the French president.Boutique corporate adviser Greenstone Partners is in front of heavy industry types seeking a buyer for the family-owned specialist equipment hire company. “In terms of financial planners, we've reported 45 financial planners … A number of customers of the sacked adviser of ANZ planning subsidiary millennium3 complained about unauthorised withdrawals or transfers from self-managed super funds and …
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