We acknowledge that we have failed to meet community standards and expectations and are working to address this. In 2019, we will implement new Dispute Resolution Principles, providing a framework for a consistent, fair and customer-focused approach to handling and responding to disputes with our retail and small business customers.
"The Sustainability Review sets out how ANZ is managing its environmental, social and governance risks and opportunities.”
We will also communicate with more than 700,000 of our customers, providing information about how they can get more out of our products and services, for example, by moving to a lower interest rate credit card.
These are just two initiatives. A number of others, outlined in our Sustainability Review, are already underway. For example:
- remuneration changes to incentivise good customer outcomes;
- improved support for potentially vulnerable customers, such as those with lower incomes or low levels of money management capabilities and confidence;
- the introduction of new restrictions on the use of credit cards for gambling; and
- the establishment of a Responsible Banking group, with specialist teams dedicated to customer remediation, product suitability and responsible lending.
The Sustainability Review also sets out how ANZ is managing social and environmental risks and opportunities associated with the three priority areas in our Sustainability Framework – Financial Wellbeing, Environmental Sustainability and Housing. It complements our 2018 Annual Review, providing stakeholders with more detailed information on our sustainability performance.
We recognise that our long-term viability depends on our ability to meet the expectations of the communities in which we operate.
That’s not just because of regulation or political pressure or public criticism - it is because our shareholders, and other stakeholders, increasingly recognise that a strong Environmental, Social and Governance (ESG) performance is integral to the long-term success of our financial performance.