ANZ Banking Group has reached a deal with regulator ASIC to pay $240 million in fines as compensation for multiple operating failures, including charging fees to deceased customers, ignoring hardship pleas from vulnerable clients, making false statements about savings rates, and manipulating bond trading data.

“Time and time again ANZ betrayed the trust of Australians,” ASIC chairman Joe Longo said.

“The total penalties across these matters are the largest announced by ASIC against one entity and reflect the seriousness and number of breaches of law, the vulnerable position that ANZ put its customers in and the repeated failures to rectify crucial issues.”

Ordinary customers hammered

ANZ’s retail banking blues affected tens of thousands of customers and led to a total of $115 million i

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