The bank’s misconduct ranged from misreporting to the Australian government to ripping off retail customers.
Its actions impacted nearly 65,000 customers.
The Australian financial services regulator has fined commercial bank ANZ AU$240 million (US$160.8 million) for major lapses in its institutional and retail divisions. Announced today (Monday), the regulator even labelled some lapses as “unconscionable conduct in services.”
A Massive Penalty on a Bank
The amount involved is by far the largest financial penalty sought by the Australian Securities and Investments Commission (ASIC).
Joe Longo, the Chairman of ASIC
“The total penalties… reflect the seriousness and number of breaches of law, the vulnerable position that ANZ put its customers in, and the repeated failures to rectify crucial issues,” said ASIC’s Chair, Joe Longo.
The regulatory action came for lapses and irregularities in four areas. The regulator also highlighted that the “misconduct” in the bank’s services occurred over many years.
ASIC detailed that the bank acted “unconscionably” in its dealings with the Australian government when managing a AU$14 billion (US$9.38 billion) bond deal. It incorrectly reported the bond trading by overstating the volumes by tens of billions of dollars over almost two years.
The lapses around retail offerings include failure to respond to hundreds of customer hardship notices. The bank did not even have a proper hardship process in place.
Other retail division failures include making false and misleading statements about savings interest dates, failing to pay the promised interest rates to thousands of customers, failing to refund fees charged to thousands of deceased customers, and not responding to those trying to deal with deceased estates within the required timeframe.
According to ASIC, the bank’s misconduct affected nearly 65,000 customers.
Of the total penalty figure, AU$125 million (US$83.75 million) was imposed for institutional and market matters, including the record AU$80 million (US$53.6 million) unconscionable conduct. AU$40 million (US$26.8 million) was imposed for inaccurate interest rates, another AU$40 million (US$26.8 million) for ignoring customers’ hardships, and AU$35 million (US$23.45 million) for breaches concerning deceased estates.
Paul O’Sullivan, ANZ’s Chairman
Although the bank admitted to every allegation and agreed to pay the penalty, the amount now needs to be approved by an Australian court.
No “Market Manipulation” Allegations
ANZ’s statement on the penalty stressed that the bank did not face any market manipulation allegations or ever engage in hedging.
“While ASIC has not alleged that ANZ engaged in market manipulation, it’s clear we have not met the standards expected of us,” said ANZ’s Chairman, Paul O’Sullivan.
ASIC has imposed more than AU$310 million (US$207.7 million) in penalties on ANZ since 2016, including the recent ones.
“Time and time again, ANZ betrayed the trust of Australians,” Longo added.
The Australian financial services regulator has fined commercial bank ANZ AU$240 million (US$160.8 million) for major lapses in its institutional and retail divisions. Announced today (Monday), the regulator even labelled some lapses as “unconscionable conduct in services.”
A Massive Penalty on a Bank
The amount involved is by far the largest financial penalty sought by the Australian Securities and Investments Commission (ASIC).
Joe Longo, the Chairman of ASIC
“The total penalties… reflect the seriousness and number of breaches of law, the vulnerable position that ANZ put its customers in, and the repeated failures to rectify crucial issues,” said ASIC’s Chair, Joe Longo.
The regulatory action came for lapses and irregularities in four areas. The regulator also highlighted that the “misconduct” in the bank’s services occurred over many years.
ASIC detailed that the bank acted “unconscionably” in its dealings with the Australian government when managing a AU$14 billion (US$9.38 billion) bond deal. It incorrectly reported the bond trading by overstating the volumes by tens of billions of dollars over almost two years.
The lapses around retail offerings include failure to respond to hundreds of customer hardship notices. The bank did not even have a proper hardship process in place.
Other retail division failures include making false and misleading statements about savings interest dates, failing to pay the promised interest rates to thousands of customers, failing to refund fees charged to thousands of deceased customers, and not responding to those trying to deal with deceased estates within the required timeframe.
According to ASIC, the bank’s misconduct affected nearly 65,000 customers.
Of the total penalty figure, AU$125 million (US$83.75 million) was imposed for institutional and market matters, including the record AU$80 million (US$53.6 million) unconscionable conduct. AU$40 million (US$26.8 million) was imposed for inaccurate interest rates, another AU$40 million (US$26.8 million) for ignoring customers’ hardships, and AU$35 million (US$23.45 million) for breaches concerning deceased estates.
Paul O’Sullivan, ANZ’s Chairman
Although the bank admitted to every allegation and agreed to pay the penalty, the amount now needs to be approved by an Australian court.
No “Market Manipulation” Allegations
ANZ’s statement on the penalty stressed that the bank did not face any market manipulation allegations or ever engage in hedging.
“While ASIC has not alleged that ANZ engaged in market manipulation, it’s clear we have not met the standards expected of us,” said ANZ’s Chairman, Paul O’Sullivan.
ASIC has imposed more than AU$310 million (US$207.7 million) in penalties on ANZ since 2016, including the recent ones.
“Time and time again, ANZ betrayed the trust of Australians,” Longo added.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
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We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
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In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
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We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
