Caravan Finance Australia

Australia's #1 Caravan Finance Resource

Caravan Finance Australia :: News

Share this news item!

ANZ Slammed for Overcharging Deceased Estates

Australia and New Zealand Banking Group (ANZ) has come under intense scrutiny for a grave oversight: charging fees to the estates of deceased customers.

This makes ANZ the second of Australia's Big Four banks to face formal action from the Banking Code Compliance Committee (BCCC) within a single week.

The BCCC's accusations are centered on ANZ's failure to cease or refund fees charged to deceased customers' estates in a timely manner. The committee also noted that ANZ did not respond to inquiries or instructions from the representatives of these estates within the 14-day period mandated by the 2019 Banking Code of Practice.

The violations, spanning more than four years from July 2019 to September 2023, involved ANZ's inability to quantify the extent to which it was in breach of these code obligations. The bank has since committed to remediating $3.25 million to around 19,000 affected estates.

This action against ANZ follows closely on the heels of a similar sanction imposed on Westpac for its poor handling of a regional branch closure. According to the BCCC, another unnamed bank was given a formal warning for similar issues, though the financial impact and number of affected estates were significantly lower.

The BCCC listed several reasons for its stringent action against ANZ:

ANZ's inability to accurately monitor and report the 14-day obligation breaches.
Delayed internal measures to prevent additional breaches after an audit in September 2022.
Slow response in addressing customer issues identified back in February 2022, with remediation expected to be completed only by July 2024.
Delays in responding to estate representatives, exacerbating the emotional and logistical burdens on bereaved families.

Significantly, the BCCC highlighted that in June 2023, ANZ introduced an automated tool to waive fees upon receiving death notifications. However, this measure came more than a year after the initial problem identification.

The committee pointed out that more than 7,000 delayed cases are awaiting resolution, each requiring manual review to identify potential breaches. ANZ plans to send approximately 10,604 apology letters and pay financial compensation totaling around $667,915 to affected representatives.

BCCC Chair Ian Govey expressed considerable concern over ANZ's Code breaches, describing them as intensely problematic and warranting the severe sanctions imposed. Govey criticized ANZ’s slow remediation process, saying it "did not meet expectations" and that the bank "should have done more to address this more quickly."

The sanction stems from a 2023 inquiry by the BCCC into banks' adherence to the deceased estates provisions in the Banking Code of Practice, implemented to ensure institutions follow best practices in handling such sensitive matters.

Last week, financial regulator ASIC approved updates to the Banking Code that include revised steps for securing accounts following customer deaths. These changes are slated to take effect after 28 February 2025.

This evolving regulatory landscape underscores the importance of timely and compassionate handling of financial matters for deceased estates, an area where ANZ has evidently fallen short.

Published:Thursday, 4th Jul 2024
Source: Paige Estritori

Share this news item:

Finance News

Crusader Caravans Triumphs as 2025 Manufacturer of the Year

08 Oct 2025: Paige Estritori

Crusader Caravans has once again demonstrated its leadership in the Australian caravan industry by securing the Manufacturer of the Year award for 2025, presented by Caravan Industry Victoria (CIV). This marks the fourth time the company has received this prestigious accolade, underscoring its unwavering commitment to excellence in caravan and RV manufacturing. - read more

NRMA's Review Crew: Your Ticket to Authentic Australian Adventures

08 Oct 2025: Paige Estritori

The NRMA has unveiled an exciting initiative aimed at enriching the travel experiences of Australians: the My NRMA Rewards Review Crew. This program invites members to participate in unique journeys across the country and share their authentic experiences, providing valuable insights for fellow travelers. - read more

Crusader Caravans' Buyer’s Guide: A Must-Read for Prospective Owners

08 Oct 2025: Paige Estritori

Crusader Caravans has observed a remarkable surge in interest for their comprehensive Buyer’s Guide and Checklist, with downloads doubling over the recent holiday period. This trend underscores the growing demand among Australians for reliable information to guide their caravan purchasing decisions. - read more

ACCC Warns Caravan Retailers: Uphold Consumer Rights or Face Reforms

30 Sep 2025: Paige Estritori

The Australian Competition and Consumer Commission (ACCC) has issued a stern warning to caravan retailers, highlighting concerns over misleading advertisements and pricing practices that could lead to significant consumer harm. The watchdog's recent report exposes serious failures within the industry, particularly regarding inaccurate information about prices and vehicle weights. - read more

Click for more Finance News

Caravan Loans Articles

How to Choose the Right Caravan Loan for Your Travel Dreams

Traveling in a caravan offers an unparalleled sense of freedom and the thrill of exploring the open road. As more Australians embrace the joys of caravanning, the importance of finding the right financing solution becomes essential. A suitable caravan loan can turn your travel dreams into reality, enabling you to purchase the ideal home-on-wheels without financial strain. - read more

Understanding Caravan Insurance: What You Need to Know Before Hitting the Road

Embarking on adventures with a modern caravan is an increasingly popular way to travel and explore the world around you. But before you hit the open road, it's critical to understand the importance of caravan insurance. This type of insurance is not just a legal requirement; it's a protective measure to ensure that your physical and financial well-being are safeguarded while you enjoy your journey. - read more

Understanding Caravan Loans: Answers to Your Most Common Queries

In recent years, many Australians have embraced caravanning as a popular lifestyle choice. With the freedom to explore vast landscapes and the comfort of home on wheels, caravans offer a unique travel experience. Whether for short road trips or prolonged adventures, the appeal is undeniable. - read more

Caravan Financing 101: Understanding Your Options

Australia's sweeping landscapes and vibrant coastlines ignite a sense of adventure among many. It's no wonder caravanning has become a favoured way to explore the beauty of this nation. But before the journey begins, understanding the financial aspects of caravan ownership is essential. - read more

A Comprehensive Guide to Caravan Loans and Finance in Australia

A caravan loan is a secured loan that uses the caravan as collateral. The loan is available for both new and used caravans and can be used for a variety of purposes including holidays, weekend getaways, and even permanent living. If you’re thinking of taking out a caravan loan, read on for a comprehensive guide to caravan loans and finance in Australia. - read more

Start Here

Get a free caravan finance eligibility assessment and compare options tailored specifically to your circumstances.

Knowledgebase

Personal Loan:
A Personal Loan is a means of obtaining finance from a financial institution or financial product provider and the lending criteria usually depends on criteria such as personal income and expenses, assets and liabilities, employment status and previo

This website is owned and operated by Clark Family Pty Ltd (as Trustee for the Clark Family Trust) 43 Larch Street Tallebudgera QLD 4228, A.C.N. 010281008, authorised credit representative of Saccasan Pty Ltd, Australian Credit License 386297. Visit the ASIC website for additional licensing information.

IMPORTANT: We are neither authorised nor licensed to provide finance or financial products and we do not offer any form of credit or other financial advice. All product enquiries and requests for financial and/or other advice on this website are referred to third party intermediaries, insurers and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for vaidating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.