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ASIC to commence civil proceedings against major bank

— 1 minute read

ASIC has advised one of the big four that it intends to commence civil penalty proceedings against the bank in relation to the charging of fees. 

ASIC has advised ANZ that it will commence the proceedings in relation to the charging of fees for periodical payments in certain circumstances prior to February 2016. 

These fees were the subject of a class action which settled in December last year for $1.5 million, pending court approval. 

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ANZ has already provided for approximately $50 million in customer remediation payments for this matter of which more than $28 million has already been paid to customers impact since 2008. 

ANZ understands ASIC will seek pecuniary penalties in respect of 1.3 million occasions where the fees were applied. 

ANZ in a statement to the ASX categorically denies any deliberate wrongdoing and intends to vigorously defend any such allegation. 

The Australia Government Solicitor has informed ANZ it will file documents in the Federal Court on 29 July. 

 

 

ASIC to commence civil proceedings against major bank
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Eliot Hastie

Eliot Hastie

Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms. 

Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.

Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).

You can email him on: [email protected]

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