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.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
Securing financing for a motorcycle in Australia involves understanding various loan types and the application process. Prospective buyers can choose between secured and unsecured loans. Secured loans use the motorcycle as collateral, often resulting in lower interest rates, while unsecured loans do not require collateral but may come with higher rates. - read more
Australian fintech lender Wisr has broadened its vehicle finance portfolio by introducing secured motorbike loans, now available through its broker network. This strategic expansion allows customers to use their motorcycles as collateral, potentially accessing more favorable loan terms compared to unsecured options. The new product is accessible via the Wisr Partner Portal and directly to consumers, reflecting the company's commitment to providing flexible financing solutions tailored to individual needs. - read more
The Federal Chamber of Automotive Industries (FCAI) has projected a potential increase in motorcycle sales across Australia, attributing this trend to the ongoing global fuel crisis. In the first quarter of 2026, the Australian motorcycle market experienced a 7.4% growth, with 20,624 new units sold between January and March. This uptick is particularly notable in the off-road segment, which saw a 26.7% year-on-year increase, totaling 8,737 units. Scooter sales also rose by 7.8%, reaching 1,431 units. - read more
MotorCycle Holdings Limited, Australia's leading motorcycle retailer, has reported a remarkable 21% increase in revenue for the first half of the 2026 fiscal year. This substantial growth has propelled the company's market share to a record 19.8% in new vehicle sales, underscoring its dominant position in the industry. - read more
A credit score is a numerical representation of an individual's creditworthiness based on their financial history, payment habits, and level of existing debt. It plays a crucial role in determining loan eligibility and interest rates for various financing options, including motorcycle loans. - read more
For many, experiencing the allure of the open road on two wheels isn't just about the destination; it's about the journey itself. Motorcycling represents freedom, a sense of adventure, and an expression of personal style. However, as with any significant purchase, it's crucial to approach the financing of your dream bike with as much enthusiasm as you do when selecting the make and model. - read more
Imagine the thrill of cruising down Australia's scenic coastlines or thundering through its vast outback with nothing but the open sky above and the roar of the engine beneath. This dream of bike ownership is an alluring prospect for many, promising a sense of freedom that is hard to find elsewhere. - read more
When you're in the market for a new motorcycle, the thrill of choosing your next ride can be temporarily overshadowed by the financing process. Your credit score is a critical factor in securing a loan with favorable terms, and it's natural to worry about potential impacts while shopping around for the best deal. - read more
Start Here
Knowledgebase
Default: The failure to repay a debt, including interest or principal, on a loan or security.
