Australia and New Zealand Banking Group (ANZ) has agreed to pay a A$240 million fine to settle multiple misconduct investigations, pending final approval by the Federal Court. The Australian Securities and Investments Commission (ASIC) said the case involves “unconscionable conduct” in government bond trading and “widespread breaches” affecting nearly 65,000 retail customers.
Of the total, A$125 million relates to a A$14 billion government bond issuance in April 2023. According to ASIC, ANZ dumped a large volume of 10-year bond futures before pricing, pushing prices lower. This may have reduced the government’s fundraising capacity, and ANZ later provided misleading information to officials. While the bank denied market manipulation, it admitted poor communication, apologised to the Australian Office of Financial Management, and pledged to repay related earnings.
Another A$115 million fine concerns customer treatment. ANZ allegedly ignored 488 hardship assistance requests, in some cases for up to two years, and in certain instances initiated debt collection without responding. Tens of thousands of customers also missed out on promised discounted interest rates, with nearly 30,000 underpaid in interest between 2024 and 2025. In addition, the bank delayed refunding fees to deceased customers’ estates, exposing serious flaws in its systems and processes.
ASIC chair Joe Longo criticised the bank, saying ANZ had “betrayed Australians’ trust time and again.” Over the past eight years, ANZ has been penalised seven times for misconduct.
ANZ chair Paul O’Sullivan issued a public apology, saying senior executives had been held accountable. New CEO Nuno Matos admitted the failures were “absolutely unacceptable,” announcing plans to cut 3,500 staff and 1,000 contractors as part of a sweeping overhaul aimed at improving customer protections and ensuring sustainable growth.