Financial Counselling Australia (FCA) welcomes the announcement that ANZ has admitted to widespread misconduct and has agreed to pay $240 million in penalties.
ANZ has admitted to unconscionable conduct, overstating bond trading data by tens of billions, and widespread misconduct affecting nearly 65,000 customers. The matters will now be considered by the Federal Court which will decide whether the penalties are appropriate and whether to make other orders.
“This is a significant penalty and, if approved by the Federal Court, we hope it represents a clearing of the decks and a genuine commitment from ANZ to change,” said co-CEO of FCA, Dr Domenique Meyrick.
Of key concern is ANZ’s significant shortcomings in managing non-financial risk across the organisation. This includes failing to respond to hundreds of customer hardship requests and lacking adequate processes to support customers in financial distress. Some customer requests were left unaddressed for more than two years.
Between July 2019 and June 2023, ANZ also failed to refund fees charged to thousands of deceased customers.
“The misconduct outlined by ASIC caused serious harm to customers, particularly those experiencing financial hardship. Too many people were left without the support they needed, when they needed it most. That is simply unacceptable,” Dr Meyrick said.
This sends a clear and necessary message, not just to ANZ but to all banks that managing non-financial risk is not optional. Banks must do the right thing by their customers, especially their most vulnerable.
“That means having effective, accessible hardship arrangements that actually work.
“It is good to see a proposed penalty that reflects the gravity of the failures, now the focus must be on meaningful reform and rebuilding trust,” she said.
Above is a media release (15/09/2025) from Financial Counselling Australia (FCA), a valued member of the Consumers’ Federation of Australia. The original media release is available on FCA’s website here.
For comment from FCA you can contact Maura Angle on 0418 334 121 or email media@financialcounsellingaustralia.org.au.
For more information and background about ASIC’s filing against ANZ, see the ASIC media release (15/09/2025) about it here.