ANZ cops record $240 million in fines for ‘grubby’ and ‘unconscionable’ actions

Australian Community Media

ASIC found the bank had engaged in four separate wrongdoings, just six years after a royal commission found widespread misconduct in Australia’s financial services industry. Video via AAP.

Transcript

00:00We've unearthed a range of misconduct, a range of contraventions that ANZ have admitted to.

00:07We will continue to have intense institutional monitoring engagement with ANZ,

00:13as we do more or less, I might add, with all the banks, but in particular with ANZ at the moment.

00:18Given the seriousness and breadth of the issues that we're dealing with today,

00:22you can expect ASIC to be watching very closely over the next year or two.

00:30To see that ANZ actually does do what it says it's going to do.

00:34So what's really disappointing is that ANZ went about misreporting over a two-year period

00:41what its level of activity in the bond market, and then won this mandate, and then mishandled it.

00:49It's really very disappointing.

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