US EditionAustralia's ANZ bank hit with record fine over 'widespread misconduct'
ANZ Bank admitted to misconduct including false reporting on a $14 billion bond deal and failing nearly 65,000 customers with hardship, savings, and deceased account issues.
- ANZ Bank has agreed to pay a $240 million penalty due to allegations of unconscionable conduct and widespread misconduct, affecting nearly 65,000 retail customers.
- The Australian Securities and Investments Commission reported that $125 million of the penalty is for ANZ's bond trading misreporting, which affected a $14 billion government bond deal.
- ANZ faced fines for failing to pay promised interest on savings accounts and for mishandling customer hardship notices, affecting about 65,000 retail customers, as stated by ASIC chairman Joe Longo.
- ANZ chairman Paul O'Sullivan apologized, admitting the bank did not hold executives accountable for the failures, which caused significant customer impact.
26 Articles
26 Articles
Australia's ANZ to pay US$160mil over bond deal, customer violations
SYDNEY: ANZ Group on Monday agreed to pay A$240 million (US$159.5 million), the Australian corporate regulator’s largest-ever penalties against a single entity, following systemic failures ranging from acting “unconscionably” in a government bond deal to charging deceased customers.
In particular, ANZ is sanctioned for "acting unreasonably" with respect to a $14 billion bond issued by the Australian government.
Big four bank hit with record $240m fine over 'years' of misconduct
ANZ has agreed to a record $240 million fine sought by Australia's financial services watchdog over years of "unconscionable conduct".ASIC and ANZ will ask the federal court to impose the penalties in relation to four separate proceedings.These include acting "unconscionably" in dealing with the Australian government while managing a $14 billion bond deal, and incorrectly reporting its bond trading data to the government by overstating the vol…
ANZ Admits to 'Unconscionable Conduct'
Good morning and welcome back, it’s Ainsley here with all the news you need to start your working week. Today’s must-reads:• ANZ to pay A$240 million fine• Australia to invest A$12 billion in defense hub• Russia targets Australian-linked billionaire’s empire
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