It takes ANZ over four years to mark an event that is further proven to be a major breakdown
Orr brings Elliott to the ASIC report about the breakdown of trademark customs at the main bases of Australia.
He found that licensees of Australian financial services were allowed, on average, 1,517 days to identify an event that was subsequently proved to be a major breakdown.
Orr: "And the number of days, 1,517 days, also showed that the average time he had made ANZ to do so. Is that right?"
Elliott: "I believe, yes.
Orr: "So, it has usually been given an ANZ over four years to mark an event that is further proven to be a major breakdown?
Orr: "Right now, can I ask what your ideas about that discovery, over four years to identify an event?
Elliott: "Well, I mean, it's clear that it is unsuitable and it's not right."
ANZ was too focussed on income, agreeing with his headteacher
Shayne Elliott Offer:
[Suddenlyimaginingarguments[Thatmirrorstheargumentfrom[Thasina'samhlachadhnah-argamaidbho[ThatmirrorstheargumentfromNAB Chief Executive, Andrew Thorburn, which has allowed its business to start moving from buyers 20 years ago]South Westerly
Clearly, the issues we spoke over time, in particular na [last] 10 years, but I think, fairly, to move back beyond that for the reasons.
We knew at times of time – we must always balance the needs of different stakeholders – we have been too focussed on income, in particular, we will not use the word-to-word but in fact, income, interpretation of good behaviors, or results of good quality, if you like.
People who managed good income products have been in a position; doing good work, and we did not pay much attention to how they achieved those resultsSouth Westerly
ANZ has already recognized the royal commission that he has been involved in a range of behavioral misconduct and behavior under community levels and hopes.
In bidding to the commission the bank is blamed A culture that has been a major focus on revenue and salesSouth Westerly
Elliott has been acting as Chief Executive and ANZ executive since then 1 January 2016South Westerly
Since last year, he has also been chairman of Australian Banking AssociationSouth Westerly
He went to ANZ in June 2009 and has a number of jobs in the bank, including the founder of the founding industry units, and as the chief financial officer.
Before moving to ANZ he held senior positions in two other financial institutions –Citigroup and a major museum bank in the Middle East.
Shayne Elliott, ANZ leader, is now in the evidence box.
Senior councilor who helps royal commissioners Rowena Orr QC is responsible for managing the questions.
Wilkins is very safe about an AMP integrated model.
The commissioner, Kenneth Hayne, he does not buy it.
Hodge wants to find out if an AMP user can be confident that they get good advice from a financial adviser called AMP, and get compensation if the advice is very awesome.
He says that AMP agreed yesterday that he had been separately $ 460m to pay customers who were hit by AMP's restriction-free service.
Wilkins is trying to make customers make sure they can still rely on AMP.
At any rate, that marks the end of Wilkins' evidence.
Shayne Elliott, ANZ chief executive, again.
In recent years, the banks once again said that their financial advisers were working according to their customers by selling things that just did; coming from the banks for what councilors worked.
And why does AMP do not have a financial adviser who will advise purchasers to buy AMP products? AMP results are better than their competitors!
Well, a financial advisory business has been so successful for everyone involved – the banks, the councilors – the number of councilors has been broken.
The royal commission in April was reported that the number of councilors had grown recently from global crisis 18,000 at the end of 2009 to date 25,386 – an increase of 41%South Westerly
Only 8,704 financial consultants – or 35% – have completed a degree at level level or above.
Hodge will produce AMP an integrated model directlySouth Westerly
It says that AMP customers are guided through a variety of distribution networks, with their main channel distributed as "advice" – with direct or related finance advisors.
AMP has data on the percentage of customers who choose AMP products themselves.
The percentage is high for users who use platforms and then it's a & # 39; dropping through property, risk and bank.
Hodge's document shows that a Share $ 370m to shareIn the West He wants to find out what that means.
Wilkins said: "Paying from the manufacturing units to the advice unit recognizes that all of these forms have access to advice regarding the production streams that may come to AMP. "
Hodge: "Tell me if I'm right about this. Is there a case? Commissions are $ 330m with the results out to advice? "
Hodge: "And is the extent to which the AMP results do so from reputable customers then back to the councilors then?"
There is a huge cash flow from customers who have been submitted by councilors that are connected to AMP. The funding will be sent to AMP Capital, and most of that money will be distributed to other fund managers and AMP products.
Robert McDonald gave a warning as her memorandum:
As a business, we often talk about the value of a directly integrated business but usually my awareness is that we do not have much organizational understanding of what this means in terms of the expectations of users and other stakeholders.
In addition to this, we work widely with four different business areas that share the same name and its name; spend a lot of time doing business with each other, sometimes adversely affecting consumer outcomesSouth Westerly
Hodge wants Mike Wilkins if he considers AMP's understanding of a straightforward integration is tough.
Wilkins: "No, no."
Then Hodge asks: "I think it is fair to say that you are not given on a simple integration?"
Hodge: "And for AMP, at least as it is, real integration is very basic to the business?"
Wilkins said: "We believe in a simple integration. We believe that it is an appropriate structure that also benefits the user."
The council that will help the royal commission Michael Hodge QC want Mike Wilkins about a document issued by AMP users, Wilkins, Melanie Howard-McDonaldSouth Westerly
Howard-McDonald's role to be & # 39; deal with day-to-day customer complaints.
She wrote the Wilkins request document. He wanted to get her thoughts about a genuine US & Commonwealth banking inquiry. The AMP's 100 chiefs were asked to do the same, but all did not respond to his request.
Howard-McDonald's views were sent to an AMP board, which was used to develop an AMP response to the CBA research.
She saw big problems with AMP integrated below model.
Wilkins says he does not agree with his or her ideas about joining up directly.
The "direct integration"The royal commission this year has greatly criticized the business model.
The long-term banks found that it was extremely profitable for the sale of financial advice and financial resources. For they can charge customers for financial advice, and if that "advice" does so; including buying the financial goods, they would & # 39; They would like to get a useful feedback back. B "e" simple integration "was on business module.
This year the corporate regulator published a report to analyze his / her; practice, known as "Unified Union Institutions and Conflict of Interests".
It has shown the quality of the financial advice of the two largest financial advice consultancy licenses owned by or controlled by a Bank; Commonwealth, ANZ Banking Group, Westpac, National Bank of Australia and AMP.
It was found that the financial advisers failed to make good customers' interests in 75% of the council's files on the review.
He concluded that there was a "relevant" conflict in interest arising from banks that provided personal financial advice to retailers of long-term sales; as they were selling them financially.
Good morning, everyone.
Thanks for joining the Australian Guardian blog of the royal banking commission.
We are back today Mike Wilkins, AMP executive chief executiveAfter Wilkins is ready we will hear from ANZ leader, Shayne ElliottSouth Westerly
AMP had another horrible day in the Yesterday's evidencebox but virtually no impact on sharing price. I think it's all related. AMP extracts are used to poorer news.