Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

(ANZ)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Australian regulator sues ANZ for failing to provide benefits to half a million customers

12/08/2021 | 05:42pm EST
FILE PHOTO: The logo of the ANZ Banking Group is displayed in the window of a branch in central Sydney, Australia

(Reuters) -Australia's securities regulator said on Thursday it was suing Australia and New Zealand Banking Group for failing to provide over half a million customers with promised benefits, which led to the payment of A$200 million ($143.40 million) in remediation.

The Australian Securities & Investments Commission (ASIC) said ANZ had failed to pay benefits under its 'Breakfree' package, which included fee waivers and interest rate discounts, to 580,447 customers between the mid-1990s to September 2021.

Scrutiny of Australian lenders and financial institutions has ramped up significantly since a Royal Commission inquiry in 2018 found widespread shortcomings in the sector, forcing companies and regulators to take swift action.

"This case is yet another example of a widespread system failure by a major bank impacting thousands of customers," ASIC Deputy Chair Sarah Court said in a statement.

"A constant theme of those investigations has been the failure of large financial services entities to honour agreements with customers and to ensure proper processes and systems are in place to prevent widespread compliance failures."

ANZ said in a separate statement that it would not contest the proceeding, and would join the ASIC in submitting a proposed penalty of A$25 million to the Court.

($1 = 1.3937 Australian dollars)

(Reporting by Arundhati Dutta in Bengaluru; Editing by Shailesh Kuber)


ę Reuters 2021
All news about AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
01/24AUSTRALIA AND NEW ZEALAND BANKING : Consumer Confidence rebounds
PU
01/20AUSTRALIA AND NEW ZEALAND BANKING : Notice Corporations Act Subsection 259C(2)
PU
01/20AUSTRALIA AND NEW ZEALAND BANKING : Cautious optimism for global markets in 2022
PU
01/18AUSTRALIA AND NEW ZEALAND BANKING : Update - Notification of buy-back - ANZ
PU
01/18Undersea cable fault could cut off Tonga from rest of the world for weeks
RE
01/17AUSTRALIA AND NEW ZEALAND BANKING : Consumer Confidence sharp drop
PU
01/16AUSTRALIA AND NEW ZEALAND BANKING : Update - Notification of buy-back - ANZ
PU
01/13AUSTRALIA AND NEW ZEALAND BANKING : Update - Notification of buy-back - ANZ
PU
01/13Reliance Industries Files for Singapore Listing of $4 billion Bonds
MT
01/12AUSTRALIA AND NEW ZEALAND BANKING : Notification of cessation of securities - ANZ
PU
More news
Analyst Recommendations on AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
More recommendations
Financials
Sales 2022 18 147 M 12 771 M 12 771 M
Net income 2022 6 371 M 4 483 M 4 483 M
Net Debt 2022 - - -
P/E ratio 2022 12,5x
Yield 2022 5,45%
Capitalization 76 123 M 53 641 M 53 570 M
Capi. / Sales 2022 4,19x
Capi. / Sales 2023 4,09x
Nbr of Employees 39 684
Free-Float -
Chart AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Duration : Period :
Australia and New Zealand Banking Group Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 27,07 AUD
Average target price 30,62 AUD
Spread / Average Target 13,1%
EPS Revisions
Managers and Directors
Shayne Cary Elliott Chief Executive Officer & Executive Director
Farhan Faruqui Chief Financial Officer
Paul Dominic O'Sullivan Chairman
Gerard Florian Group Executive-Technology
Michael Liarakos Chief Compliance Officer