ANZ complete on M3 review

ANZ has completed a review of its its Millennium 3 dealer group and will improve the monitoring and supervision of its financial planners.

The group has also promised to be more deserving of clients’ trust, after former Millennium 3 financial planner Melinda Scott pleaded guilty to seven fraud charges relating to $5.9 million in December.

ANZ fully co-operated an investigation last year by the Australian Securities and Investments Commission into Scott’s misconduct with the bank engaging Clayton Utz and Ernst & Young to review Millennium 3’s compliance framework.

An ANZ spokeswoman said a thorough review of the group’s processes and the circumstances surrounding the incident had been completed with all affected clients compensated.

“We are committed to strong compliance and have worked to ensure we have robust processes in place across our advisory network,” she said.

“A large team of people both from within ANZ and from Clayton Utz and Ernst & Young have worked tirelessly to conduct a thorough investigation into Ms Scott’s files.”

“We engaged Clayton Utz, Ernst & Young and worked closely with the regulators to help ensure this doesn’t happen again.”

ANZ immediately suspended Scott’s authorisation to deal with clients when it was made aware of ASIC’s allegations. Following an internal investigation, Millennium 3 terminated her authorisation.

An ANZ spokeswoman said it had taken over 30 years to become one of Australia’s largest advisory groups based on the trust of clients.

“We will do all we can to make sure the actions of one individual does not tarnish the hard work of our other 500 planners,” she said.