""Australia's ANZ, one of the country's \"big four\" banks, has agreed to pay a record fine of $240 million Australian dollars ($159.5 million) over \"widespread misconduct\", the financial regulator said Monday. The fine is the largest ever announced by the regulator against a single entity, the Australian Securities and Investments Commission (ASIC) said. ANZ was fined for \"acting unconscionably\" while managing a $14-billion bond deal with the Australian government.""
""Time and time again ANZ betrayed the trust of Australians," Joe Longo, chair of the ASIC, said. "Banks must have the trust of customers and government. This outcome shows an unacceptable disregard for that trust that is critical to the banking system." ASIC deputy chair Sarah Court said: "As one of Australia's biggest banks, customers trusted ANZ to do the right thing but, even on the basics like paying the correct interest rate, it fell short.""
""ANZ chairman Paul O'Sullivan confirmed that the bank had agreed to the fines, saying \"the reality is we made mistakes that have had a significant impact on customers\". \"On behalf of ANZ, I apologize and assure our customers we have taken the necessary action, including holding relevant executives accountable,\" he said in a statement. CEO Nuno Matos added: \"The failings outlined are simply not good enough and they reinforce the case for change\".""
ANZ agreed to pay a record A$240 million penalty after the financial regulator found widespread misconduct. The regulator characterized the fine as its largest against a single entity and cited unconscionable conduct in managing a A$14 billion government bond deal. Additional breaches included failing to respond to hundreds of customer hardship notices, making false or misleading statements about savings interest rates, and not refunding fees charged to deceased customers. Regulators said the breaches betrayed public trust. ANZ announced job cuts and a costly restructuring, and senior executives apologized, pledged corrective action, and accepted accountability.
Read at Fortune Asia
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