The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
Australia and New Zealand Banking Group (ANZ) has come under intense scrutiny for a grave oversight: charging fees to the estates of deceased customers.
This makes ANZ the second of Australia's Big Four banks to face formal action from the Banking Code Compliance Committee (BCCC) within a single week.
The BCCC's accusations are centered on ANZ's failure to cease or refund fees charged to deceased customers' estates in a timely manner. The committee also noted that ANZ did not respond to inquiries or instructions from the representatives of these estates within the 14-day period mandated by the 2019 Banking Code of Practice.
The violations, spanning more than four years from July 2019 to September 2023, involved ANZ's inability to quantify the extent to which it was in breach of these code obligations. The bank has since committed to remediating $3.25 million to around 19,000 affected estates.
This action against ANZ follows closely on the heels of a similar sanction imposed on Westpac for its poor handling of a regional branch closure. According to the BCCC, another unnamed bank was given a formal warning for similar issues, though the financial impact and number of affected estates were significantly lower.
The BCCC listed several reasons for its stringent action against ANZ:
ANZ's inability to accurately monitor and report the 14-day obligation breaches.
Delayed internal measures to prevent additional breaches after an audit in September 2022.
Slow response in addressing customer issues identified back in February 2022, with remediation expected to be completed only by July 2024.
Delays in responding to estate representatives, exacerbating the emotional and logistical burdens on bereaved families.
Significantly, the BCCC highlighted that in June 2023, ANZ introduced an automated tool to waive fees upon receiving death notifications. However, this measure came more than a year after the initial problem identification.
The committee pointed out that more than 7,000 delayed cases are awaiting resolution, each requiring manual review to identify potential breaches. ANZ plans to send approximately 10,604 apology letters and pay financial compensation totaling around $667,915 to affected representatives.
BCCC Chair Ian Govey expressed considerable concern over ANZ's Code breaches, describing them as intensely problematic and warranting the severe sanctions imposed. Govey criticized ANZ’s slow remediation process, saying it "did not meet expectations" and that the bank "should have done more to address this more quickly."
The sanction stems from a 2023 inquiry by the BCCC into banks' adherence to the deceased estates provisions in the Banking Code of Practice, implemented to ensure institutions follow best practices in handling such sensitive matters.
Last week, financial regulator ASIC approved updates to the Banking Code that include revised steps for securing accounts following customer deaths. These changes are slated to take effect after 28 February 2025.
This evolving regulatory landscape underscores the importance of timely and compassionate handling of financial matters for deceased estates, an area where ANZ has evidently fallen short.
Australia's marine insurance landscape has welcomed a significant new player with the launch of Marinex Underwriting. This specialised marine underwriting agency aims to address the complex insurance needs of the Australian marine sector, offering tailored solutions backed by global specialty insurance distributor Amwins. - read more
In response to recent shifts in global trade dynamics, GT Insurance is reaffirming its commitment to supporting Australian marine clients navigating these challenges. The imposition of US tariffs-25% on Australian steel and aluminium, and 10% on other exported goods-has introduced new uncertainties for local exporters, particularly in sectors like beef and bulk freight. These tariffs, effective from April 5, 2025, have prompted concerns about declining export volumes and reduced freight margins. - read more
Club Marine, Australia's leading provider of recreational boat insurance, has announced significant updates to its product disclosure statements (PDS), reflecting a commitment to better serve the evolving needs of Australian boaters. This comprehensive review of policy guidelines and terminology aims to align coverage with new boating trends and technologies, ensuring that policyholders receive the most relevant and effective protection. - read more
In a significant development for Australia's shipbuilding industry, the Australian government has approved South Korean conglomerate Hanwha's proposal to increase its shareholding in Austal Limited from 9.9% to 19.9%. This decision comes with stringent conditions aimed at protecting national security interests. - read more
As Australia gears up for the summer season, Yamaha has solidified its position as the most-searched marine brand in the country. According to Retain Media's Q3 2025 Marine Market Brand Consideration Report, Yamaha holds an 8.4% share of search queries, maintaining its lead from the previous quarter. - read more
Jet skiing is one of the most exhilarating water sports out there and owning a Jet Ski can be incredibly exciting. However, along with the excitement comes the responsibility of ensuring that your Jet Ski is well-maintained. Jet Ski maintenance is important for many reasons, and in this article, we will explore the reasons behind why it should be a top priority for any Jet Ski owner. - read more
Welcome to our deep dive into the unexpected costs of owning a jet ski. While the thrill of skimming across the water on a sunny day is undeniable, it's important to be aware of the hidden expenses that come with owning such a high-adrenaline watercraft. - read more
Nothing quite matches the exhilaration of skimming across the glistening waters of Australia's coastlines on a personal jet ski. The freedom to explore hidden coves, the adrenaline rush of high speeds, and the joy of shared adventures with friends and family—these are just a few thrills that come with jet ski ownership. - read more
Welcome to our comprehensive guide on jetski financing in Australia. If you're dreaming of cutting through the waves on a shiny new jetski, you're not alone. Jetskis have seen a growing popularity in Australia, offering thrilling adventures and unforgettable moments on the water. - read more
When considering the purchase of a jetski, two popular financing avenues stand out: personal loans and dealership financing. Each offers unique benefits and potential drawbacks, and understanding these options can help you make an informed decision. - read more
Knowledgebase
Subprime Loan: A type of loan offered to individuals with poor credit scores, typically at a higher interest rate.
