ANZ admits to Storm lending mistakes

ANZ Bank has admitted that some loans it made to Storm clients did not meet its own lending policies. The bank has established a hardship team to deal with borrowers affected by the collapse of Townsville based financial planners Storm Financial.

ANZ said that it had identified about 160 customers who had borrowed from the bank through Storm. ”We have determined that the lending decisions for a small number of customers did not comply with ANZ's credit policies and we are undertaking further review to assess whether others could also be in that group,” the bank's submission to the Joint Committee on Corporations and Financial Services said.

Source: Sydney Morning Herald