The Australia and New Zealand Banking Group has agreed to mend its ways after an investigation by the Australian Securities and Investments Commission found that it failed to provide documented annual reviews to HNW customers who had paid for them.

More than 10,000 'prime access' customers are thought to have been excluded from this required service between 2006 and 2013. ANZ has therefore signed an 'enforceable undertaking' with the regulator. It has to pay a fine or 'community benefit payment" of A$3 million, attest to the regulator that it has sent documented annual reviews to customers who were entitled to such reviews since 2014, and provide further audited attestations about the improvements it has made to its compliance systems and processes.

As at 8 November last year (ASIC started investigating in earnest in 2015) the banking group had paid A$46.4 million (US$35.9 million) in fee refunds and earnings to about 10,085 clients of its 'prime access' advisory service.