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Australia's ANZ eliminates sales incentives for financial planning bonuses



(Reuters) – Australia and New Zealand Banking Group Ltd ( ANZ.AX ) said on Monday that it would remove sales incentives for financial planning bonuses, in a move that comes under intense control of the Australian financial sector ,

FILE PHOTO: An ANZ Bank logo is pictured in Sydney, Australia, April 23, 201
8. REUTERS / Edgar Su / File Photo

The lender would also end the employment of financial planners who give inappropriate advice, it said in a statement.

"We know that change has taken too long, so we will act where we see solutions, and that's why we're moving forward with these initiatives," said Chief Executive Shayne Elliott in the statement.

ANZ has also pledged to pay compensation by the end of the year for some 9,000 cases of inappropriate advice.

The bank said last week that increased regulation and fierce competition are likely to dampen revenue growth, as well as more cautious lending following an investigation by the Royal Commission of misconduct in the country's financial industry.

On Thursday, the Australian "Big 4" bank, the National Australia Bank, said it wanted to leave part of its asset management arm by 2019.

Reporting by Aaron Saldanha in Bengaluru; Arrangement by Peter Cooney


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