ASIC to hit ANZ with civil suit over fees
The corporate watchdog is set to launch civil proceedings against ANZ, reportedly seeking to fine the bank for charging customers certain account fees between 2008 and 2016.
ANZ said on Thursday that ASIC had advised it intends to commence civil penalty proceedings against the bank for 1.3 million fees charged for some periodical payments prior to February 2016.
The fees were the subject of a wider class action by law firm Maurice Blackburn which was settled in December 2018 for $1.5 million, pending court approval.
The bank's customers were being charged for some automated transactions between their own ANZ accounts, while others were generally charged between $10 and $40 when payment failed due to insufficient funds.
The bank has set aside more than $50 million in compensation for customers and said it has refunded customers about $28 million to date.
ANZ said on Thursday it understands ASIC will seek pecuniary penalties for the occasions where the fees were applied.
The bank said it was still considering the matters raised by ASIC but denied any deliberate wrongdoing and will defend itself against any such allegations.
The Australian government solicitor has informed ANZ it will file documents in the Federal Court on July 29.
Back to Breaking News
Print this page