Australia and New Zealand Banking Group
(ASX:ANZ) is set to repay thousands of customers a total of $30 million who were charged for services they didn’t receive.
One of Australia’s largest banks says an investigation by PwC and Clayton Utz showed it failed to supply annual review services of its Prime Access package to its clients.
The repayments are required under obligations of the Corporations Act and the issue had been reported to securities regulator ASIC.
CEO Global Wealth Joyce Phillips says the bank has put in place a range of measures to ensure this issue does not happen again.
The bank says all Prime Access reviews and documentation due since 2013 have been delivered.
ANZ Banking Group reported a net profit of $7.28 billion in the 2014 financial year.
