ANZ drops some fees in response to scathing banks inquiry

SYDNEY (Reuters) – Australia and New Zealand Banking Group Ltd said it would make 16 changes to its business, including dropping default charges on drought-hit farmers, in response to the recommendations of a scathing inquiry into the financial sector.

Australia’s fourth-largest bank by assets said it will also drop dishonour fees from pensioners’ accounts and behave as a model litigant in cases involving small businesses, among other changes. The lender did not say whether the moves would have a financial impact.

A powerful inquiry into Australia’s finance sector, called a Royal Commission, found widespread misconduct and poor treatment of customers driven by greed, but did not recommend any structural changes to the industry.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.