(Reuters) - Australia and New Zealand Banking Group Ltd (ANZ.AX) said on Monday it would remove sales incentives for financial planning bonuses, in a move that comes amid intense scrutiny of Australia’s financial sector.
The lender would also terminate the employment of financial planners who provide inappropriate advice, it said in a statement.
“We know it has taken too long for changes to occur, so where we see solutions we will act. That is why we are getting on with these initiatives now,” Chief Executive Shayne Elliott said in the statement.
ANZ also committed to completing compensation by the end of the year on about 9,000 current cases where inappropriate advice occurred.
The bank said last week that increased regulation and fierce competition would likely crimp revenue growth, as would more cautious lending practices after an inquiry into misconduct in the country’s finance industry by the Royal Commission.
On Thursday, fellow Australian “Big 4” bank National Australia Bank said it was looking to exit part of its wealth management arm by 2019.
Reporting by Aaron Saldanha in Bengaluru; Editing by Peter Cooney