‘Betrayed the trust of Australians’: ANZ bank pays record $240m fine for widespread misconduct

Company admits allegations in four investigations brought by financial regulator AsicFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastANZ bank will pay $240m in penalties, the biggest fine issued by the financial regulator Asic to date, to settle four investigations into widespread misconduct.The bank admitted engaging in unconscionable conduct in services provided to the Australian government, incorrectly reporting bond trading data by overstating the volumes by tens of billions of dollars and to widespread misconduct across products and services that impacted about 65,000 customers.Acting unconscionably in the bank’s dealings with the Australian government while managing a $14bn bond deal, including incorrectly reporting its bond trading data and overstating the volumes by tens of billions of dollars for nearly two years.Failing to respond to hundreds of customer hardship notices, in some cases for more than two years.Making false and misleading statements about savings interest rates and failing to pay the promised rates to tens of thousands of customers.Failing to refund fees charged to thousands of dead customers and not responding to families dealing with deceased estates within required timelines. Continue reading...

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