ANZ fined $240 million by ASIC for widespread misconduct affecting nearly 65,000 customers

Australia’s largest regulator has ordered ANZ Banking Group to pay A$240 million after finding the bank engaged in widespread misconduct that affected almost 65,000 customers and misstated trading data in a major government bond deal.

The Australian Securities and Investments Commission said the misconduct included failing to respond to hundreds of customer hardship notices, making false and misleading statements about savings interest rates and failing to pay the correct interest to customers, and improperly handling deceased customers’ accounts and estate inquiries. ASIC also found ANZ acted “unconscionably” while managing a A$14 billion bond deal for the federal government, incorrectly reporting bond trading data and overstating trading volumes by tens of billions of dollars over several years.

"Time and time again ANZ betrayed the trust of Australians," ASIC Chair Joe Longo said in announcing the penalties, which he described as the largest the regulator has announced against a single entity. "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 said the conduct affected nearly 65,000 customers in a range of ways. The regulator cited hundreds of instances where ANZ failed to respond to notices from customers seeking hardship assistance in the time required, as well as thousands of cases where fees were not refunded to deceased customers and enquiries from estates were not handled within statutory time frames.

In addition to consumer-facing breaches, ASIC found significant failings in ANZ’s record-keeping and reporting around a A$14 billion bond facility for the federal government, concluding that the bank overstated trading volumes by tens of billions of dollars. The regulator said those misstatements were made over a sustained period.

ANZ has admitted the allegations. Chief Executive Nuno Matos said the bank accepts the findings and is committed to change. "The failings outlined are simply not good enough and they reinforce the case for change," Matos said. The bank did not offer further comment on the size of the penalty beyond acknowledging ASIC’s announcement.

Each of the matters will be separately considered and determined by the Federal Court, ASIC said. The regulator has not yet provided a timetable for court proceedings.

The penalty is likely to increase scrutiny on ANZ’s leadership. The bank announced plans earlier this week to cut about 3,500 staff and 1,000 contractors by September 2026, a move that had already drawn internal and external attention.

The enforcement action comes as Australian financial regulators have intensified oversight following a series of misconduct revelations across the sector in recent years. ASIC’s finding and the size of the penalty underscore ongoing regulatory focus on consumer outcomes, fair dealing and accuracy of market reporting.

ANZ is one of Australia’s "Big Four" banks and is publicly listed. The company will now face court processes to determine the final orders and any additional remedies required to address the misconduct and compensate affected customers.