May 6, 2018 / 10:35 PM / 2 months ago

Australia's ANZ removes sales incentives for financial planning bonuses

May 7 (Reuters) - Australia and New Zealand Banking Group Ltd said on Monday that 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.

ANZ also committed to completing compensation on about 9,000 current cases where inappropriate advice occurred by the end of the year. (Reporting by Aaron Saldanha in Bengaluru)

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