{"id":143553,"date":"2025-09-14T22:35:07","date_gmt":"2025-09-14T22:35:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/143553\/"},"modified":"2025-09-14T22:35:07","modified_gmt":"2025-09-14T22:35:07","slug":"anz-faces-record-240m-penalty-for-ripping-off-customers-and-government","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/143553\/","title":{"rendered":"ANZ faces record $240m penalty for ripping off customers and government"},"content":{"rendered":"<p class=\"paragraph_paragraph__iYReA\">ANZ bank faces a record $240 million penalty for engaging in &#8220;unconscionable conduct&#8221; in some of its bond trading for the federal government, as well as &#8220;widespread misconduct&#8221; affecting nearly 65,000 retail customers.\u00a0<\/p>\n<p class=\"paragraph_paragraph__iYReA\">The bank has agreed to the penalty with the Australian Securities and Investments Commission (ASIC), although it will require Federal Court approval.<\/p>\n<p class=\"paragraph_paragraph__iYReA\">ASIC said the settlement included $125 million for matters related to Australian government bond trading, where the bank misreported trading data and acted &#8220;unconscionably&#8221; while managing a $14 billion bond deal, which ASIC said had the potential to reduce the amount of funding available to the government.<\/p>\n<p class=\"paragraph_paragraph__iYReA\">The regulator said $115 million of the proposed penalty relates to customer failings.<\/p>\n<p class=\"paragraph_paragraph__iYReA\">ANZ failed to respond to hundreds of customer hardship notices, in some cases for more than two years.<\/p>\n<p class=\"paragraph_paragraph__iYReA\">Separately, ANZ made false and misleading statements about some of its savings rates, failing to pay the promised rate to tens of thousands of customers.<\/p>\n<p class=\"paragraph_paragraph__iYReA\">The bank also failed to refund fees to thousands of dead customers and was slow in responding to loved ones trying to manage deceased estates.<\/p>\n<p>Loading<\/p>\n","protected":false},"excerpt":{"rendered":"ANZ bank faces a record $240 million penalty for engaging in &#8220;unconscionable conduct&#8221; in some of its bond&hellip;\n","protected":false},"author":2,"featured_media":143554,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[5629,5799,64,63,70900,99,70,97442,43673,5627,80876],"class_list":["post-143553","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-anz","tag-asic","tag-au","tag-australia","tag-australian-securities-and-investments-commission","tag-business","tag-federal-court","tag-hardship","tag-penalty","tag-savings-rates","tag-unconscionable-conduct"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/143553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=143553"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/143553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/143554"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=143553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=143553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=143553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}