ANZ To Pay Back Millions To Customers ASAP
ANZ is paying back millions to ripped off customers, with the bank confirming those who are owed money will have it 'as quickly as possible'.
ANZ has announced another $559 million in customer remediation, taking the bank's total figure in repayments to $1.1 billion.
The Melbourne-based lender confirmed on Tuesday $405 million of the second-half provision is related to the refund of fees and interest following reviews of Australian retail and commercial products.
An additional $154 million stems from its divested wealth business.
Australia's fourth-largest bank, which announces its results for the 12 months to September 30 on October 31, has set aside a total of $1.104 billion in post-tax remediation to short-changed customers in the last two years.
However, the bank noted the reviews are still ongoing, raising the prospect that there could be more to come.
"We recognise the impact this has on both customers and shareholders," chief financial officer Michelle Jablko said.
"We are well progressed in fixing issues and have a dedicated team of more than 500 specialists working hard to get any money owed back to customers as quickly as possible."
ANZ's decision to further increase its customer remediation bill comes a week after big four rival National Australia Bank announced it was allocating another $832 million to repay customers who have been hit by the fees-for-no-service scandal and dodgy insurance.