Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697633457294.pdf (Australia)
Consumer protection in the banking, insurance and financial sectorSubmission 94 - Response - ANZ 1 Inquiry into consumer protection in banking, insurance and financial sector ANZ response to Submission by the Banking and Finance Consumers Support Association Name Roshi Comment Summary of Roshi’s customer impact statement:  Her parents obtained a small business loan from ANZ secured by their family home.

 The loan was approved based on inaccurate financial information in the loan application.
 Roshi believes the loan application form was altered after her parents signed it.

 Her parents lodged a dispute with the Financial Ombudsman Service (FOS).

 FOS found that ANZ was 60% liable for her ANZ Response ANZ is concerned to hear about the circumstances of Roshi’s parents and that they believe that information on their loan application was altered without their consent.
Without further details and information to identify the customer, ANZ is unable to comment on the circumstances of the lending or the FOS case.

FOS reviews involve a thorough investigation and addressing allegations made by borrowers.

parents’ losses.

 Her parents have had to sell their home and are now pensioners with nowhere to live.

ANZ accepts FOS’ decisions in respect of the allocation of liability.

Where a binding FOS determination has been issued, we consider the matter finalised.
Lorraine Summary of Lorraine’s customer impact statement:  Lorraine took out a loan from ANZ.

At the time, her sole source of income was her disability pension.

 Two years after the loan had been granted she discovered that the loan application overstated her income by $55,000.

 She was unable to meet the loan repayments and ultimately had to sell her home.

 Since the loss of her home she has suffered from severe depression.
ANZ understands that Lorraine’s current health concerns, and her lack of secure housing, is causing her significant distress.

Without further details ANZ cannot comment on the specific claims made.

However, if Lorraine has not already done so, we encourage her to lodge a dispute with FOS so it can investigate her claims that her loan application had been altered and determine whether the lending she received was suitable.
Consumer protection in the banking, insurance and financial sectorSubmission 94 - Response - ANZ 2 Name Paul Comment We believe this impact statement was provided by Paul Hermann who has separately made a submission (no.

77) to the inquiry.

ANZ Response We will separately respond to Mr Hermann’s submission.

Carlene Summary of Carlene’s customer impact We encourage Carlene to get in touch with us to discuss her situation.
statement:  Carlene borrowed from ANZ in order to purchase an investment property she was “talked into” buying.

 The loan was not affordable at the time she  took it out.

In December, the loan repayments will increase when they move to principle and interest and she will not be able to afford the repayments.

Our Customer Connect team can work with her to assist her with her financial difficulty.
It may be that Carlene ought to consider selling her investment property and Customer Connect can provide payment relief while she does so.

In terms of the affordability of the loan, our Customer Resolution team can review her concerns about the suitability of the lending.

Alternatively, Carlene can refer her dispute to FOS for an independent assessment of the lending that occurred.

Consumer protection in the banking, insurance and financial sectorSubmission 94 - Response - ANZ