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ANZ to refund 2 million accounts

ANZ boss admits "it's clearly unacceptable"

Jack Derwin

Digital Journalist, Your Money

ANZ CEO Shayne Elliott has admitted the bank may not be adequately equipped to deal with its growing remediation program, as the number of staff it requires continues to swell.

Elliott, who refers to the different groups within the bank as “tribes”, has revealed that the bank has just added another 50 staff to its 165-member team.

During his testimony, counsel assisting Rowena Orr QC asked Elliott whether he had enough people working to pay back customers.

“In an ideal world, no, we don’t,” Elliott conceded. “The issue here is it’s not actually about the numbers of people. It’s about the subject matter expertise.”

It came as Elliott revealed that ANZ estimates that there are around two million accounts that will need to be paid back for five different administration errors- errors that were in ANZ’s favour.

Elliott was also quizzed as to his stance on ANZ’s average of 213 days between discovering a breach and reporting it to watchdog ASIC.

“It’s clearly unacceptable, the 213 days is far higher than it should be or needs to be,” he said. 

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