Overview

• ANZ admitted ASIC’s allegations and will seek Federal Court approval for A$240 million in penalties covering institutional markets conduct and retail customer harms.
• The package includes A$125 million for institutional matters, featuring a record A$80 million penalty for unconscionable conduct tied to a A$14 billion 10‑year government bond issuance.
• ASIC said ANZ overstated secondary bond turnover by tens of billions of dollars for almost two years and sold heavy volumes of 10‑year bond futures around pricing time, which had the potential to reduce government funding, though no market manipulation was alleged.
• Retail penalties total A$115 million for failures affecting about 65,000 customers, including unaddressed hardship notices, false or misleading savings‑rate disclosures with unpaid bonus interest, and charging fees to deceased customers.
• ANZ issued a public apology, said relevant executives have faced accountability measures, offered to repay the AOFM the revenue earned as duration manager, and committed to an ASIC‑mandated remediation program expected to cost about A$150 million.