Original article by Michael Roddan
The Australian – Page: 17 & 20 : 9-Oct-18
The ANZ Bank has advised that its full-year accounts for 2017-18 will include charges totalling $739m in the second half. Amongst other things, ANZ has advised of $374m in charges to compensate customers who paid fees for services they had not received, while its costs associated with the financial services royal commission are expected to total $55m. The major banks will shortly come under scrutiny by the House of Representatives economics committee for the first time since the inquiry began.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, UBS HOLDINGS PTY LTD, LIBERAL PARTY OF AUSTRALIA, STANDARD AND POOR’S FINANCIAL SERVICES LLC, MLC LIMITED, MAURICE BLACKBURN PTY LTD, SLATER AND GORDON LIMITED – ASX SGH