ANZ CEO Shayne Elliott admits the sector has “failed” to provide quality financial advisors in wake of the Royal Commission.

Describing Australia’s financial sector as “complicated”, he tells Ross Greenwood “people quite rightly need some advice.”

“But the reality is, we’ve failed in doing that consistently so we’ve to go to make some real change here.”

In order ensure professionalism within the sector, the bank will immediately make four drastic changes.

All financial planners at ANZ will be required to hold a bachelors degrees and a professional certification in a relevant field.

Existing planners will need to complete both certifications within the next four years.

Mr Elliott says the bank will remove financial rewards as an incentive to encourage employees to focus on customer satisfaction.

Planners who fail more than two quality or compliance audits will be dismissed, “no exceptions” says Mr Elliott.

“By doing this we’re attracting the very best financial planners.”

Listen to the full interview below