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ANZ boss ‘confident’ company won’t be stung for selling inappropriate products

ANZ CEO Shayne Elliott tells Ross Greenwood he’s confident inappropriate mortgages haven’t been sold to customers while interest rates have been at record lows.

Mr Elliott does admit, however, that the company will have “made mistakes along the way”.

“I am confident that we have been lending responsibly and appropriately over that time.

“We will have undoubtedly have made mistakes along the way.

“When we do we’ve got to find them quickly, make sure that we remediate those customers and make sure we fix up systems so we don’t have that happen again.

“But I don’t think it’s a systemic issue for us.”

Amid revelations from the Royal Commission, Ross points to a cover-up culture within the banks.

Mr Elliot says his employees are held accountable “all the way to the top”.

“For understandable reasons, people lose their jobs at ANZ when they act inappropriately.

“That does happen, unfortunately. And it happens more than it probably should.”

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