The corporate regulator said ANZ has agreed to pay a $240 million penalty after admitting to engaging in unconscionable conduct.<\/p>\n
The fine relates to \u201cservices provided to the Australian government\u201d and involves overstating bond trading volumes. The fine also relates to \u201cwidespread misconduct across products and services impacting nearly 65,000 customers\u201d.<\/p>\n
Australian Securities and Investments Commission and ANZ will ask the court to impose $240 million in penalties, of which $125 million relates to institutional and markets matters, including an $80 million penalty for \u201cunconscionable conduct\u201d and $115 million for three retail banking matters.<\/p>\n
The misconduct occurred over many years and was marked by ANZ\u2019s significant failure to manage non-financial risk across the bank. ASIC chairman Joe Longo said the bank\u2019s actions in the bond market directly impacted taxpayers.<\/p>\n
\u201cIn the bond trading case, ANZ was in a trusted position and its conduct had the potential to reduce the amount of funding available to the government,\u201d he said. \u201cThis funding is used to support critical services, including Australia\u2019s health and education systems, affecting all Australians.\u201d<\/p>\n
The fines relating to the retail bank are due to failures to respond to hardship notices, making false statements about interest rate savings and failures to refund fees to deceased customers.<\/p>\n
ANZ has admitted the allegations in each of the proceedings.<\/p>\n
More to come.<\/p>\n","protected":false},"excerpt":{"rendered":"The corporate regulator said ANZ has agreed to pay a $240 million penalty after admitting to engaging in…\n","protected":false},"author":2,"featured_media":21558,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[72,61,60,123],"class_list":{"0":"post-21557","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-ie","10":"tag-ireland","11":"tag-markets"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/21557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=21557"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/21557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/21558"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=21557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=21557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=21557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}