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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

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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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