Money: ANZ Bank engaged in 'misconduct' after Landmark deal: Rowena Orr - PressFrom - Australia

Money ANZ Bank engaged in 'misconduct' after Landmark deal: Rowena Orr

03:01  07 july  2018
03:01  07 july  2018 Source:

Banking royal commission: Bob Katter interrogates commissioner Hayne on farming finance

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Although Ms Orr did not allege the Commonwealth Bank , Rabobank, Bendigo and Adelaide Bank , ANZ and National Australia Bank broke the law, she It was open for Commissioner Hayne to find ANZ Bank engaged in " misconduct " in its treatment of a range of farmers that became customers after it

The ANZ Bank ( ANZ ) was also implicated in the bank bill swap rate scandal[13] The commissioner subsequently announced that he would be assisted by legal counsel including Rowena Orr , Michael ANZ acknowledged that it had engaged in misconduct and conduct falling short of community

Senior counsel assisting Rowena Orr says there has been © Supplied Senior counsel assisting Rowena Orr says there has been "misconduct" in banks' treatment of farmers. It is open for the royal commission to find ANZ Bank engaged in "misconduct" in its treatment of a range of farmers that became customers after it bought the rural lender Landmark, senior counsel Rowena Orr says.

Following two weeks of public hearings focused on farming and remote areas, Ms Orr on Friday delivered "open findings" that could be made by Commissioner Kenneth Hayne, alleging multiple cases of "misconduct" at ANZ Bank.

Commonwealth Bank's Bankwest may have also engaged in “misconduct” by breaching the code in several ways in its treatment of Queensland cattle farmer Mel Ruddy, which included relying on an old valuation to trigger a default, Ms Orr said.

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ANZ Bank engaged in ' misconduct ' after Landmark deal : Rowena Orr . It is open for the royal commission to find ANZ engaged in " misconduct " in how it treated some customers of the rural lender, senior counsel Rowena Orr says.

ANZ Bank said it would support a moratorium on enforcement action towards drought-stricken farms. In response to Ms Orr 's claims of misconduct regarding Landmark , ANZ admitted It also said an ANZ staff member engaged in misconduct by falsely witnessing the signature on documents

RaboBank is another lender that may have engaged in "misconduct" in its treatment of Queensland farmer Wendy Brauer and her husband, Ms Orr said. Ms Brauer last week told the commission the couple was left $1 million worse off after a loan to buy a farm from a bank manager, who was also working for other parties on the deal.

In her closing address, Ms Orr pointed to a range of examples that could be seen as "misconduct" by ANZ towards former Landmark clients, including instances where the bank was too quick to take enforcement action, or refused reasonable settlement offers from clients.

Ms Orr suggested some of the behaviour by ANZ was a breach of the industry code of conduct, while other instances fell short of community expectations. She did suggest breaches of the law relating to ANZ and Landmark.

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Talk to the Bank with more experts in more places. Our People, Our City Fund. Donate at ANZ branches nationwide or by bank transfer to: The Christchurch Foundation 15-3976-0091104-80.

ANZ boss Shayne Elliott was the latest of the bank bosses to walk into the now familiar trap of talking up his bank ’s laudable values. And how could an organisation following these principles have been found to engage in such a range of misconduct ? That is what counsel assisting, Rowena Orr , QC

A root cause of the misconduct was that ANZ underestimated the number of struggling loans it was acquiring when it bought Landmark in 2010, according to Ms Orr.

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The Commonwealth Bank and the National Australia Bank have fostered a sales culture that allowed their customers to be misled and deceived, the Ms Orr delivered the open findings on Friday after the first two weeks of the banking royal commission which focused on misconduct in home loans, car

“ANZ did not calculate the number of incoming customers who were going to experience financial difficulty,” Ms Orr said in Darwin.

There was also a lack of training with ANZ's "lending services" branch that dealt with struggling customers, and many former Landmark staff left the bank, leading to a loss of corporate memory.

'Lack of empathy'

It was also open for Commissioner Hayne to find that misconduct by ANZ was caused by the culture in lending services, which Ms Orr said showed a “lack of empathy” and failed to consider the emotional impact of its enforcement actions.

ANZ's head of lending services, Benjamin Steinberg, admitted on several occasions that the bank's conduct had fallen below expectations when he appeared before the commission in Brisbane last week.

Earlier on Friday, ANZ was quizzed about the practice of providing "informal" overdraft facilities to customers who may well be denied a formal overdraft if they applied for one.

Counsel assisting Mark Costello tabled a bank statement from an Indigenous customer on Groote Eylandt in the Northern Territory, who was on Centrelink benefits and was charged nine overdrawn fees in the space of two weeks, costing him $54.  Informal overdrafts also attract interest rates of about 17 per cent, the commision heard.

Commissioner Hayne opened the hearings on Friday by saying he was asking CBA for more information about why it was late handing in documents last week relating to its rural lending.

“Having considered what was said in the letter of 3 July, I have asked the solicitor assisting the commission to seek further explanation from the solicitors for CBA regarding some questions which arise from the terms of their letter,” Commissioner Hayne said

“A letter to that effect was sent soon after yesterday’s hearings finished. In the circumstances I am not yet in the position to decide what course I should follow in relation to these matters.”

'Give us a try': Bendigo and Adelaide Bank CEO pitches for trust .
Rebuilding the community’s trust following the Hayne royal commission’s revelations will take time, says the CEO of Bendigo and Adelaide Bank Marnie Baker.Asked whether she was confident the bank had dealt with the Australian Prudential Regulation Authority’s concerns about the quality of loans in Rural Bank, she said the bank would formally respond to the Royal Commission by the end of this week, or early next week.

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