The broker sells an ANZ product - a debt vehicle. If the broker goes bust, ANZ still have the relationship with the individual.
The individual pays off their loan to the ANZ - there is no link between them.
Opes however loaned a pool of money from ANZ which it then on loaned through a margin facility for client to purchase stock.
They can't treat individuals differently, as they need to recover all their money - the basket cases brought the whole lot down (as well as the business model as a whole).
Personally, I'm glad to see Opes gone - I feel for their clients, however their business model was not good for the Australian market IMO - it allowed far too much manipulation of already risky speculative stocks.
