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Australia's ANZ bank hit with record fine over 'widespread misconduct'
ANZ admitted failures in risk management and customer service, impacting nearly 65,000 customers and government bond dealings, resulting in record $240 million fine by ASIC.
- 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.
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In Australia, the large bank pays a record fine of 240 million Australian dollars (136 million euros) for "widespread misconduct".
·Vienna, Austria
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This fine is the most important ever announced by the national regulator against a single entity. ...
·Brussels, Belgium
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Total News Sources85
Leaning Left13Leaning Right20Center16Last UpdatedBias Distribution41% Right
Bias Distribution
- 41% of the sources lean Right
41% Right
L 27%
C 33%
R 41%
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