Fund managers are urging ANZ to address its governance and compliance issues, especially within its retail banking sector, amid regulatory investigations that may result in fines and increased capital requirements. The Australian Securities and Investments Commission (ASIC) is probing allegations that ANZ miscalculated interest on customer savings and deposit accounts and has encountered issues with customer hardship provisions and fees charged to deceased customers’ accounts.
Furthermore, ASIC is investigating ANZ’s markets team for activities related to a 2023 government bond issuance. Fund managers highlight the severity of such basic errors and warn that these governance failures could attract significant regulatory scrutiny and penalties. ANZ’s recent financial performance has lagged behind its peers, partly due to these compliance challenges and ongoing investigations.
The bank appointed Nuno Matos as its new CEO, as it plans to integrate its $5 billion Suncorp acquisition and address these issues. Industry experts emphasize the importance of banks closely monitoring and proactively rectifying such conduct issues.
