Ombudsman involved in case of ANZ “pushing product”

Yesterday’s Business Herald  featured a story about the Banking Ombudsman’s involvement in cases reclaiming frozen funds from ANZ tied up in ING funds.

The bank has paid out more than $200,000 to one elderly woman, one of a number of settlements the bank has reached with people who invested through ANZ financial advisors.

The story goes on to say ‘Financial planner Jeff Matthews of Spicers Wealth Management, said the adice ANZ gave was poor. “They were’t trying to solve someone’s [investment]  problem, they were just pushing product.”

Finsec will be launching a major campaign to take on the banks’ sales targets that put pressure on staff to sell products, sometimes beyond what customers want or need. Watch this space. For the full Herald story, follow this link:
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10535307

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