The Australia and New Zealand Banking Group (ANZ) is set to implement multiple initiatives to improve financial planning and customer services during incidents.
Under the new initiatives, ANZ has decided to remove sales incentives for financial planning bonuses, accelerate customer remediation process as well as fire planners who are found to provide wrong advice.
ANZ CEO Shayne Elliott said: “Financial advice is an important part of the services we offer, but it’s also an area where we’ve failed some of our customers.
“We know it has taken too long for changes to occur, so where we see solutions we will act. That’s why we are getting on with these initiatives now.
“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.”
Following the removal of sales incentives, ANZ will assess performance based on customer satisfaction, risk and compliance standards.
All planners who are found to provide inappropriate advice will have their contract terminated, while the bank also decided to employ new planners with relevant industry certification or graduation degree.
The existing planners are also required to undergo a training process by January next year.
By the end of this year, ANZ aims to compensate on about 9000 current inappropriate advice cases.