The bank says it is removing all sales incentives from its bonus structures and that any planner who fails two audits on their behaviour will have their contract terminated.
ANZ chief executive Shayne Elliott said it has taken too long for changes in an area where the bank had failed some of its customers.
“It is important customers feel confident in the quality and trustworthiness of seeking advice so they can save for retirement and protect the things they care about in a complex system,” he said.
This comes after the banking royal commission put a spotlight on the financial advice sector, exposing the big four banks’ and wealth manager AMP’s practice of charging customers for financial advice they never received.
ANZ’s new measures includes removing all sales incentives and bonuses for financial planners and only assessing performance on customer satisfaction, “ANZ values” and meeting risk and compliance standards.
The bank said it will “quickly identify and remove planners” who provide inappropriate advice, with two failures of an audit to result in their contract being terminated.
ANZ has also promised to finish compensating by the end of the year about 9000 customers who received inappropriate advice.
The bank says new planners it employs will have to have a relevant undergraduate degree and certification, while existing planners will have to undergo further necessary training by January.
Customers concerned about past advice are being offered no-cost reviews.