ANZ in ‘first step’ to better service

ANZ today will acknowledge that it has not “held executives to account for significant failings” and pledge to penalise managers who have let down customers.

The bank will also vow to help Australia’s financial complaints watchdog pore over details of customer disputes dating back more than a decade, in line with a recommendation in the final report from the banking royal commission.

They are among promises ANZ will make today as chief executive Shayne Elliott steps up the bank’s response to commissioner Kenneth Hayne’s report. ANZ will make the commitments in a detailed document to be released by the bank today.

Mr Elliott says the bank will start implementing measures recommended by Mr Hayne without waiting for new rules.

The lender will announce it is taking action in 16 areas covered by the royal commission.

“This is only the first step and I acknowledge that the cultural changes we need to make will take several years,” Mr Elliott said.

The changes to be announced today include: COMMITTING to working with the Australian Financial Complaints Authority’s look at disputes as far back as 2008. STRENGTHENING accountability so that when things do go wrong, executives are held to account. ALLOCATING specific responsibility to executives to make them “explicitly responsible” for preventing conduct that harms bank customers. PROVIDING farmers with early access to debt mediation services and favouring “workouts” over enforcement. CREATING a dedicated phone service and easier account identification options for indigenous customers. REACHING out to customers who are struggling to pay off persistent credit card debts to encouraging them to move to lower cost options. REMOVING overdrawn and dishonour fees from selected pensioner accounts.