Australia banking giant ANZ has announced it will stop paying bonuses to financial planners selling its products, as it looks to change its banking practices in response to a royal commission focussing on misconduct in the sector.
Australia’s ANZ Bank has been fined for charging fees but providing no service after the country’s financial watchdog found it had failed to produce documented annual reviews to more than 10,000 financial advice customers over a seven-year period.
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.
Australia has launched a major public inquiry into alleged misconduct in the banking, superannuation and financial services sector.
Zurich Insurance Group has entered into an agreement to acquire 100% of ANZ Bank’s Australian life insurance business.
Client compensations for misconduct in the Australian financial services industry nearly tripled to A$618.8m (£381.2m, $490m, €416.2m) in the first half of the year, figures contained in the Australian Securities and Investments Commission (Asic) biannual enforcement report show.
Wealth and asset managers give their views on the implications of the MSCI inclusion of A-shares and where they find investment opportunities onshore.
Australian-listed financial services firm IOOF Holdings has indicated it is interested in buying the ANZ bank’s domestic wealth management business.
ANZ Bank is considering selling its life insurance, advice, and superannuation and investments businesses in Australia which would see one of the country’s largest financial institutions effectively withdraw from the wealth management sector.
Prudential has nabbed its new chief executive of insurance from Aegon, leaving the Dutch insurer to appoint a new chief financial officer. Deutsche Bank has appointed a global head for its alternative funds business.
The trend of banks offloading assets continues as Singapore-based DBS acquires ANZ’s WM and retail units in Asia, adding S$23bn ($16.5bn, £13.5bn, €15bn) of wealth assets, which includes S$6bn from high net worth individuals.
ANZ Banking Group is looking to sell its life insurance and pension product unit, valued at up to $4bn (£2.76bn, €3.6bn), say media reports.
