ANZ bank pays record $240m fine for widespread misconduct: ‘Betrayed the trust of Australians’
Company admits allegations in four investigations brought by financial regulator Asic
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ANZ bank will pay $240m in penalties, the biggest fine issued by the financial regulator Asic to date, to settle four investigations into widespread misconduct that put public funds at risk, and affected tens of thousands of customers.
The bank has admitted to engaging in unconscionable conduct when raising money for the federal government to finance spending in critical areas such as health, welfare, education, infrastructure and defence.
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.
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