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ANZ strengthens compliance systems following ASIC review

Document date:  Thu 31 May 2001
Published:  Thu 31 May 2001 17:51:24
Document No:  177229
Document part:  A
Market Flag:  N
Classification:  Other

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-05-31  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ today announced it would strengthen compliance systems and
procedures following an Australian Securities and Investment
Commission (ASIC) enquiry into ANZ's Salesforce program.

The commitment by ANZ is contained in today's announcement by ASIC
that it had concluded its enquiry into allegations of inappropriate
sales practices in ANZ's Personal Financial Services Division.

ASIC's announcement follows an independent review of ANZ's Salesforce
incentive system program by PricewaterhouseCoopers as well as the
Bank's own investigations which did not find any measurable loss to
customers.

ANZ Group Managing Director Personal Financial Services, Mr Peter
Hawkins, said ANZ had undertaken to make redress to any customers
should any cases of loss subsequently emerge.

"With ASIC's assistance, ANZ has moved quickly to review the
Salesforce incentive system, address shortcomings and establish a
more robust compliance culture so that any abuses do not recur," Mr
Hawkins said.

"We will continue to work with ASIC on this issue and report on our
progress," he said.

The ASIC enquiry follows the publication by the Australian Financial
Review in November 2000 of an internal ANZ memorandum that detailed
concerns over its Salesforce incentive-based remuneration system.

FOR MEDIA ENQUIRIES, CONTACT:

Paul Edwards
HEAD OF GROUP MEDIA RELATIONS
Tel: 03-9273 6955 or 0409-655 550 (mobile)
Email: edwardp12@anz.com