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.
The Reserve Bank of Australia's latest decision to leave the cash rate unchanged keeps borrowing conditions steady for now, but it does not remove the need for careful finance planning. For Australian riders looking at a new commuter bike, a touring upgrade or a used weekend machine, the message is straightforward: stable official rates may support confidence, yet individual motorcycle loan costs still vary widely. - read more
Fresh personal loan comparisons across the Australian market are a useful reminder for motorcycle buyers: the cheapest-looking rate is not always the lowest-cost way to fund a new or used bike. Recent market updates continue to show meaningful differences between lenders, including advertised interest rates, comparison rates, upfront fees, ongoing charges and eligibility settings. - read more
Australian riders shopping for a new or used motorcycle have fresh reason to look closely at their finance options, with Canstar’s latest motorcycle loan comparison updated on 21 July 2026 highlighting a wide spread of advertised rates, comparison rates, fees and eligibility settings across the personal loan market. - read more
Australia's motorcycle market has carried its early-year momentum into the end of the June half, with FCAI-audited sales reaching 46,023 motorcycles, scooters and off-highway vehicles between 1 January and 30 June 2026. That is an 8.2% lift on the same period in 2025 and the strongest first-half result reported since 2022. - read more
Welcome to the exhilarating world of motorcycle riding. Whether you're a seasoned rider or just getting started, there's something uniquely thrilling about hitting the open road on two wheels. - read more
Motorcycle loan applicants in Australia should understand how responsible lending, credit contracts, hardship support, credit reporting and complaints processes can affect them before and after signing a loan agreement. - read more
When it comes to buying a new motorcycle, financing is often the most suitable solution for most people. There are two main options available: bike loans and personal loans. It's important to understand the key differences between the two to help you make an informed decision. - read more
For motorcycle enthusiasts, owning and maintaining a bike is not just a hobby; it's a way of life. However, the financial aspects of this passion can sometimes be overwhelming. That's where budgeting comes into play. - read more
Start Here
Knowledgebase
Foreclosure: The legal process by which a lender takes control of a property, evicts the homeowner, and sells the home after the homeowner fails to make mortgage payments.
No comments yet. Be the first to share your thoughts.