ANZ remediation: it ain't over 'til it's over
ANZ chief executive Shayne Elliott was unable to say when the bank's remediation program would come to an end, to the frustration of analysts who thought the bank had previously given assurances."I can't say when we will be finished," Elliott told an investor briefing yesterday, as the bank released its 2018/19 results.The remediation charge for the year was A$682 million after tax. The total charge since the program began in 2017 is $1.6 billion. At the end of September, the bank had $1.1 billion of remediation provisions on its balance sheet.The cost of the program has grown as the bank has increased the number of staff involved in remediation work to more than 1000.Elliott said product reviews were ongoing. "We have found a number of issues and we are well advanced with that. We have not finished that work. "Then we have to get the money back to the customer."The review of banking products and service is "well advanced" but remediation of advice and other wealth business "continues".