ANZ's parting of the ways with former chief executive David Hisco over an expenses dispute should serve as a wake-up call for employers and employees, say experts in the field.

ANZ announced on Monday that Hisco would be departing his $3 million plus a year job immediately after an investigation which alleged he "mis-characterised" certain personal expenses as business expenses.

Those expenses, which ran into the "tens of thousands of dollars" over Hisco's nine-year stint as chief executive, included personal use of chauffeur-driven cars and storage of wine in Australia - his country of birth.

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