ANZ was penalized for charging fees to accounts of deceased customers.

The banking watchdog has sanctioned ANZ for continuing to charge or failing to refund fees for deceased estates and for not responding to representatives of deceased estates within the required timeframe.

On Tuesday, Ian Govey, chair of the Banking Code Compliance Committee (BCCC), said the decision to name ANZ for its non-compliance reflected the seriousness of the bank’s breaches.

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