On Tuesday (30 November), HUB24 said the big four bank is unable to renew its current cash deposit agreements beyond next year.
“The Reserve Bank of Australia (RBA) continues to provide favourable monetary policy settings to stimulate economic growth,” HUB24 said in a statement.
“As anticipated these policy settings, combined with the low cost of funding for the banking sector, have resulted in ANZ confirming they are unable to renew the current cash deposit agreements with HUB24 on equivalent terms beyond 1 December 2022.”
HUB24 said that despite this, it is “well progressed” on future arrangements for platform cash deposits following the expiry of the ANZ deal.
The news comes after HUB24 reported healthy figures in its September quarter financial year 2022 results last month, including the number of financial advisers using the platform growing by over 1,000 in the last year.
In September 2020, 2,167 were reported to be using HUB24, and as of 30 September 2021, 3,221 advisers are now using the platform, an increase of 48.6 per cent.
HUB24 has also signed 30 new licensee agreements since Q1 FY22, including agreements with self-licensed advisers, boutiques and an advice aggregator.