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BFCSA: ANZ risk managers 'knew of' Margin Lending dangers' but forgot to tell customers?

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This is how Bankers get rich with speed of lightening and Customers plunged into poverty within three years or less .
By Jessica Aquilina
Sept. 24, 2014

ANZ Banking Group and the Royal Bank of Scotland could face a class action brought by hundreds of disgruntled investors who lost millions following bad financial planning advice.  If an action goes ahead, the banks could face a damages claim of up to $200 million following an investigation by plaintiff law firm Shine Lawyers.............The Dillon's were advised to re-mortgage their home and use an ANZ margin loan to invest in the share fund.  When the market collapsed, the Dillons had to sell their shares and refinance with warrants from the Royal Bank of Scotland.  "We were told the warrants would be safer than a margin loan because we were told there would be no margin clause and there was a put insurance that covered against any future margin clause," Mrs Dillon said.  "That changed a couple of months later and we were told that we were exposed to stock losses instead of the margin clause."


ANZ risk managers 'knew of' dangers

Date July 7, 2011

A SENIOR ANZ risk management committee examined the the bank's controversial securities lending program and approved its associated risks at least 16 months before the collapse of Opes Prime.  In 2006, the bank's Credit and Trading Risk Committee (CTC) was briefed on a plan to increase ANZ's exposure to stocks through its equity financing arm to as much as $2 billion over a three-year period.   According to widely distributed ANZ documents, that CTC committee includes the positions of ''chief executive, chief risk officer, chief financial officer'' and meets every week. It reports directly to the bank's Risk Committee, which meets at least four times a year............ BusinessDay is aware of a November 2006 presentation that was prepared for the CTC that outlined an extensive chronology of the business.  The presentation also contained revenue projections for the bank's equity finance business; it named customers; it provided a formula for calculating loan-to-valuation settings; and, provided a measure for determining the bank's financial exposure to equity finance...........

............The product offers customers the choice of borrowing against a greater range of stocks, the potential to borrow more and increased protection from investment risk.  However, the product is highly complex with complicated calculations and eligibility requirements, creating the need for more in-depth explanation than other products available............ANZ Margin Lending identified significant communications challenges for launching the product to the consumer and investment audience, these included:...........The difficulty in explaining the complex product specifications ............For the first time, ANZ engaged external public relations and communications advisers to assist in launching the product to the marketplace..................Many margin loan customers require guidance from professionals before taking out a margin loan.   Independent brokers and ANZ Financial Planners were key channels for recommending the Diversified Margin Loan to customers.

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