ASIC chair admits he banks with ANZ after regulator fines the bank $240 million
Joe Longo revealed his personal banking relationship on ABC as the watchdog announced its largest penalty against a single entity for widespread misconduct at one of Australia’s Big Four banks
The chair of the Australian Securities and Investments Commission told a national television audience he is a customer of ANZ on the same night the regulator announced a record $240 million penalty against the bank for widespread misconduct.
Joe Longo made the disclosure during an interview with ABC’s 7.30, saying he banks with ANZ while describing the conduct ASIC found as an institutional failure. The fine relates to multiple breaches that affected almost 65,000 customers and involved errors in bond trading data, failures to respond to customers in hardship, misleading statements about savings interest rates and unpaid entitlements.
ASIC said ANZ acted "unconscionably" while managing a $14 billion bond deal for the federal government, incorrectly reporting bond trading data and overstating volumes by tens of billions of dollars over a number of years. The regulator also found ANZ failed to refund fees to thousands of deceased customers and did not respond to inquiries from deceased estates within required time frames.
On air, Longo described the failures as a collective view of conduct across the organisation and said the misconduct occurred "over many years." Asked whether he would move his banking elsewhere, Longo declined to discuss his personal arrangements, saying that was not appropriate on the night. He added that customers had a right to feel disappointed that the bank could not better manage its non-financial risks and that, as a regulator, he felt "very let down."
ANZ admitted the allegations and its chief executive, Nuno Matos, said the failings were "simply not good enough" and reinforced the need for change. The bank has accepted the penalty and each matter will be separately considered and determined by the Federal Court.
The penalty is the largest announced by ASIC against a single entity. The decision follows findings that ANZ had not responded to hundreds of hardship notices, made false or misleading statements about interest rates and failed to pay customers amounts they were due. The regulator’s action underscores scrutiny of banks’ compliance, data reporting and treatment of vulnerable customers.
The announcement came as ANZ faces additional pressure at home: the bank disclosed plans to cut 3,500 staff and 1,000 contractors by September 2026. The combination of regulatory action and workforce reductions has put added focus on the bank’s leadership and reform plans.
Television hosts and commentators expressed frustration on air, noting the misconduct came despite previous regulatory attention and the royal commission into banking conduct earlier in the decade. A current affairs presenter highlighted that this was ANZ’s 11th breach in a decade, reflecting ongoing challenges across the sector in meeting community and regulatory expectations.
ASIC’s finding and the penalty close one chapter of the regulator’s investigation but start a legal process. The Federal Court will determine the final outcomes for each matter brought by ASIC. ANZ has said it will cooperate with the court process and continue work to address the failings outlined by the regulator.
The case is likely to shape discussions about accountability, corporate governance and consumer protections in Australian banking as the court process proceeds and as banks respond to heightened regulatory expectations.