ANZ fined A$240m in ASIC settlement over multiple regulatory breaches

ANZ has agreed to pay A$240 million in penalties following a settlement with ASIC concerning five regulatory matters, pending Federal Court approval. The largest penalty, A$85 million, relates to ANZ's role as duration manager in a 2023 issuance of 10-year Treasury Bonds. Further fines include A$40 million for inaccurate secondary bond turnover data, A$40 million for failing to pay acquisition bonus interest on Online Saver accounts, A$40 million for breaching customer hardship obligations, and A$35 million for deceased estate breaches.

In response, ANZ chairman Paul O'Sullivan apologized for the mistakes and assured customers of necessary actions, including executive accountability. CEO Nuno Matos highlighted the need for measurable improvements across the bank to better protect customers and create a more sustainable business. ANZ will also submit a Root Cause Remediation Plan to APRA by September 30, 2025, committing to spend approximately A$150 million in FY26 on implementation.

ANZ has established an ASIC Matters Resolution Program within its Australia Retail business to deliver improvements in areas such as Online Saver products, hardship processes, and deceased estates. Promontory has been appointed as an independent expert to review the program’s adequacy and to provide assurance on progress against the Root Cause Remediation Plan.