Josefa Sigavolavola 
file photo
ANZ Bank is facing a record $240 million penalty after nearly 30,000 customers were underpaid interest on their savings accounts between August 2024 and March 2025.
The Australian Securities and Investments Commission says ANZ failed to apply promised bonus interest rates, citing inadequate systems and processes.
This follows an earlier remediation involving more than 200,000 customers affected by similar errors.
The penalty, which still requires court approval, also includes $115 million for other retail customer failings.
ASIC found that ANZ ignored 488 hardship applications, some for more than two years, involving customers facing unemployment, serious illness, family violence, or bereavement. Despite this, the bank pursued debt collection actions, including issuing default notices and involving external agencies.
ASIC also criticized ANZ for continuing to charge fees to deceased customers and for delays in assisting families managing deceased estates.
The remaining $125 million of the penalty relates to misconduct in a $14 billion government bond deal. ASIC says ANZ acted unconscionably by selling large volumes of bond futures around the time of pricing, pushing bond prices down and potentially impacting the government’s ability to raise funds.
ASIC noted this is the seventh time in eight years that ANZ has faced enforcement action for misconduct.
ANZ Chair Paul O’Sullivan and CEO Nuno Matos have apologized and pledged operational reforms within the bank.
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