ANZ Fined $250M for Misconduct, Impacting 65K Customers
Update: 2025-12-19
Description
The Federal Court has imposed a record-breaking fine of $250 million on ANZ, Australias major bank, for unconscionable conduct that affected the government, taxpayers, and at least 65,000 customers. The banks misconduct included mismanaging a $14 billion bond deal, failing to refund deceased customers, and ignoring hardship notices. ANZ also misled the government for nearly two years, costing up to $26 million. ASICs deputy chair, Sarah Court, emphasized that tens of thousands of customers suffered from these failures. ANZ has committed to improving their risk management and has established a program to meet commitments and deliver improvements.
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