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ANZ clients advice not likely in their best interests

Stephanie Chalmers |  23 April 2018  |  BankingRC

ANZ's Kylie RixonANZ provided financial advice that was likely not in customers' best interests, the banking royal commission has heard.


Key points:
ANZ audit found 1 in 20 pieces of financial advice not in clients' best interest
Audit found inappropriate advice went up but number of advisers dropped
Bank says more cases detected because of improved "control environment"
Chief risk officer of ANZ's digital and wealth arms, Kylie Rixon, was today questioned over a 2015 compliance audit into the bank's three main advice groups — ANZ Financial Planning, RI Advice and Millennium3.

Counsel assisting the inquiry, Rowena Orr QC, grilled Ms Rixon on the finding that 5 per cent of advice given was unsuitable.



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