A Court In Australia Fined ANZ Group $6.6 Million For Violating Consumer Protection Regulations 

A corporate watchdog in Australia said on Friday that an Australian court fined ANZ Group Holdings A$10 million ($6.6 million) in penalties for noncompliance with consumer credit protection laws in a case stemming from the country’s Royal Commission proceedings.

The fine was imposed by the Australian Securities and Investments Commission (ASIC) in relation to the lender’s home loan introducer program, which allowed third parties to refer customers for home loans between March 2017 and March 2018.

“The program received considerable criticism in the Financial Services Royal Commission for exposing consumers to an additional layer of risk by insulating the lender from what the intermediary does with the borrower,” the ASIC said in a statement.

The court case stems from a 2017 Royal Commission investigation into Australia’s financial services industry, which revealed widespread misconduct.

“ANZ has cooperated with ASIC during this process, is nearing completion of a customer remediation program and has made changes to its home loan processes,” the bank said.

Earlier on Friday, the ASIC announced that the country’s six largest banking service providers had paid or offered A$4.7 billion in compensation to customers who had lost money due to fees charged for services that were never provided.

(Adapted from Nasdaq.com)


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