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In this episode of the nestegg podcast, David Stratford has a chat with Aberdeen Standard Investments’ head of retirement and product strategy for Australia, Jason Nyilas, to discuss all things retirement.

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Investors will learn the importance of financial advice in retirement, as the default pension options available don’t always match up with personal expectations.

Jason also weighs in on whether the impending retirement income covenant goes far enough in supporting individual member needs.

Thanks, Jason, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Tuesday, 22 October 2019

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ANZ to foot $559m remediation bill

By Reporter · October 09 2019

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ANZ to foot $559m remediation bill

By Reporter · October 09 2019

Reading:

The major bank has warned that its second-half cash profit will be impacted by an additional $559 million in remediation costs as royal commission-related carnage continues.

ANZ has announced that its second-half 2019 (2H19) cash profit will be impaired by an after-tax charge of $559 million as a result of increased provisions for customer-related remediation.

The costs include a $405 million after-tax ($485 million before tax) charge within continuing operations, which the bank said largely related to product reviews in Australian retail and commercial for fee and interest calculation and related matters.

ANZ added that such costs also include historical matters recently identified during the period, as well as refinements to estimates of existing customer compensation programs and associated costs.

Further, within discontinued operations, remediation charges recognised in ANZ’s 2H19 results will be $154 million after-tax ($166 million before tax), which ANZ claimed are primarily associated with the advice remediation program and customer compensation charges for other wealth products.

According to the major bank, the charges relate to issues that have been identified from previous reviews and from reviews which remain ongoing.

Following the announcement, ANZ chief financial officer Michelle Jablko said: “We recognise the impact this has on both customers and shareholders.

“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.”

This follows last week’s announcement from NAB that it had set aside an additional $832 million for customer-related mediation, with financial advice service fee refunds a key driver of the cost.

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About the author

Reporter

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.