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3d ago

ANZ to Pay Record A$240 Million After Admitting ‘Unconscionable’ Conduct and Retail Breaches

Federal Court approval is pending, with ANZ to file a root‑cause plan to APRA, funding about A$150 million of fixes.

An Australia and New Zealand Banking Group Limited (ANZ) logo is displayed in a branch window in Sydney, Australia, September 9, 2025. REUTERS/Hollie Adams/File Photo
The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. REUTERS/Lucy Craymer/File Photo
The logo of the ANZ Banking Group is displayed in the window of a newly opened branch in central Sydney, Australia, April 30, 2016. REUTERS/David Gray//File Photo

Overview

  • ASIC and ANZ will ask the Federal Court to approve a A$240 million settlement covering five matters across the bank’s Markets and Retail divisions.
  • Penalties include A$125 million for institutional and markets issues, featuring a record A$80 million for unconscionable conduct tied to a A$14 billion government bond issuance.
  • The regulator says ANZ overstated bond trading volumes by tens of billions of dollars over nearly two years; ANZ says no market manipulation was alleged and will pay the AOFM its duration‑manager revenue as a goodwill gesture.
  • Retail breaches attract A$115 million in penalties for failing to pay promised bonus interest, mishandling hardship notices, and charging fees to thousands of deceased customers, with about 65,000 customers affected.
  • ANZ apologised, said most identifiable customers have been remediated, confirmed internal accountability actions, and committed to submit its Root Cause Remediation Plan to APRA by September 30.