ANZ follows CBA into Storm

By BN | 25 Feb 2010

Unlike BoQ, ANZ is to follow the CBA in putting forward a compensation deal to settle claims made against it by investors caught up in the collapse of Storm Financial.

But an industry-wide agreement with other lenders seems out of reach, according to a report in BusinessDay.

A settlement proposal which is thought to mirror the CommBank package with lawyers Slater & Gordon will be put to about 250 ANZ customers within the next two weeks.

A spokesperson for ANZ said the bank will shortly table a customer resolution scheme that "will ensure impacted customers are treated fairly".

Related Story

BoQ not to follow CBA over Storm Financial - The Bank of Queensland will not follow the Commonwealth Bank's move to enter into a $200 million compensation scheme for clients of the failed Strom Financial group, raising the prospect of a court challenge.

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Commented by: Greg6547 at 26 Feb 2010 02:31 PM

I thought that investors chasing higher than market returns and borrowing against their homes in Margin schemes were accepting the higher risks that go with such an undertaking. When the crunch came and the bottom fell out, that just reflected the risks. If, as we have been told, the paperwork was fraudulently compiled, then criminal charges should be laid. If the adviser mislead you, claim for negligence under their PI cover. If the banks are guilty of complicity in perpetrating a fraud, then charge them, don't accept an offer. If, however, you took a loss on an investment that you freely entered into, then take the loss and accept that you made a bad decision. No emotion.

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