ANZ caps credit card games and abandons investment in tobacco

According to the new ANZ policy on problem gamblers, credit card holders will not be able to use more than 85% of their available credit while making withdrawals via online gambling accounts.

The policy only applies to Internet gambling because bettors are not already allowed to use their credit cards on gambling sites.

The increased use of smartphones has exploded the use of online gaming platforms in recent years, increasing by 15% per year, making it the fastest growing segment of the industry.

Australians played $ 23.7 billion in 2016-17, according to the latest Australian statistics on games of chance.

Just over one-third of Australians gambling use the Internet, according to a June research report by Roy Morgan.

The restrictions and controls that banks can put in place to help problem gamblers have been a hot topic at the Royal Commission on Banks.

In March, CBA client David Harris presented harrowing evidence about the impact of the allegedly irresponsible loans and revealed that he had begged the bank to stop increasing its credit card limits as it was fueling his dependence.

The new ANZ policy will come into effect on December 3rd.

Mr. Elliott told the Royal Commission that the bank had chosen a cap of 85% because it wanted to allow individual autonomy and social responsibility.

"We always want to give people a little bit of capacity and flexibility in their cash flow for their normal expenses. So we will basically put a sublimit on a map. "

"If I have a limit of $ 5,000 in general – I invent it here, but hypothetically, maybe I can only use $ 4,000." Once I hit $ 4,000 dollars, I could not use this product for game purposes anymore. Things like that. "

He added that ANZ was modifying the terms and conditions of its products to reflect these changes.

The bank is also taking a more socially responsible approach to finance tobacco and other problem areas. This is a change of direction from the group's actions in Cambodia, where he has been accused of unfair practices against poor farmers.

"We have higher expectations and expectations from our institutional clients regarding their thinking, at least, about the environment. So there is a range of things we have already done and continue to consider. "

A lawyer badisting Rowena Orr, QC, also questioned Elliott about the bank's decision to close branches in rural areas. He confirmed that the bank had closed 35 branches in regional areas this year alone.

Mr. Elliott stated that ANZ customers had drastically abandoned branch banking.

"So, we are essentially faced with a dilemma where we have stores and a distribution network with fewer and fewer people, so at some point they become unprofitable."

The audience continues.