Former ANZ New Zealand boss David Hisco. Photo / Getty Images
Former ANZ New Zealand boss David Hisco. Photo / Getty Images
The conduct of ANZ boss David Hisco and culture around his expense claims will fall outside the scope of a much anticipated review of local banks, due to be released by the Reserve Bank and Financial Markets Authority later this month.
Despite being called a "conduct and culture review" theFMA today confirmed that it would not deal with any issues relating to the chief executive's departure.
Hisco's personal use of chauffeur-driven cars and wine storage costs using the bank's money have ended his relationship with ANZ after nine years in the top job.
ANZ said that concerns about Hisco's personal expenses stretched back nine years and amounted to "tens of thousands of dollars" in company money.
"The current issue at ANZ is an internal employment matter and these types of issues were not the subject of the FMA and RBNZ Conduct and Culture review," FMA spokesman Andrew Park said, in response to questions from the Herald.
"Our review focused on the treatment of customers and the systems and controls banks had in place to manage conduct risk. These type of employment issues were not in scope for our review."
Yesterday the RBNZ said it had been made aware of the ANZ's issue with Hisco on May 29.
ANZ chairman Sir John Key said it had been a matter of internal review for three months.
Finance Minister Grant Robertson today said there were still questions ANZ needed to answer about the saga, particularly around the disclosure of when this occurred and making sure the ANZ did fulfil its requirements.
"I know the Reserve Bank is still talking to them about that incident," he told the Herald.
The Reserve Bank confirmed it was still in discussions with ANZ around the issue - outside the scope of the conduct and culture review.
"The Reserve Bank has been kept closely informed by ANZ New Zealand chair Sir John Key, as these matters have emerged over the past two weeks," a spokesperson said.
The RBNZ has declined to comment further citing a policy "not to comment on ongoing issues".
Financial Markets Authority chief executive Rob Everett (left) and the Reserve Bank Governor Adrian Orr, after releasing the Bank Conduct and Culture Report. Photo / File
