ANZ has been sanctioned for charging fees to the estates of dead clients, in what the industry’s independent monitor has called a serious breach. The Big Four bank was found to have failed to stop charging, or to refund fees charged to, deceased estates after customers’ deaths. It also failed to respond to requests for information from the dead clients’ representatives, which it is required to do in under 14 days.
Committee chair Ian Govey said publicly naming the bank for its failures was the most serious sanction the industry overseer could levy. “The significance of the deficiencies in ANZ’s compliance frameworks was deeply concerning,” Govey said. “Its non-compliance warranted such a sanction.” While the bank had since reimbursed many of the estates, the committee said it did not act quickly enough.
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