ANZ penalised for regulatory breaches in bond and retail banking operations

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0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',r=n._store.getNotifications(),a=n._generatePanelMarkup(o,r),i.innerHTML=a;break;case"error_panel":a=(o='{errorMsg}').replace("{errorMsg}",n._config.panel.errorMsg),i.innerHTML=a}t&&t()}else t&&t(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(D))}},{key:"updateBadgeNode",value:function(e){if(e){var t=this._store.getNotifications().newCount,n=this._config.badge.maxCount;if(t){var o=t>n?n+"+":t;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var t=document.getElementById(this._config.panel.styleTagId);t||((t=document.createElement("style")).type="text/css",t.id=this._config.panel.styleTagId,t.innerText=e,document.head.appendChild(t))}}}]),e}(),U=function(){function e(t,n,o){L(this,e);var i=this;i._store=n,i._view=o,i._config=t;var 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Commission (ASIC) that addresses multiple investigations into the bank's conduct.The penalties include A$85m related to ANZ's function as duration manager during a 2023 issuance of ten-year Treasury Bonds by the Australian Office of Financial Management (AOFM).Additionally, the bank faces a A$40m fine for inaccuracies in its monthly secondary bond turnover data submitted to the AOFM over a period of nearly two years, alongside false or misleading annual attestations and failure to report these inaccuracies to ASIC.Further penalties consist of A$40m for not providing acquisition bonus interest on specific Online Saver accounts and for displaying incorrect interest rates.ANZ has also been fined A$40m for failing to adequately handle customer hardship notices and A$35m for breaches related to deceased estates.While ASIC has not alleged any market manipulation or over-hedging by ANZ in its role as duration manager, the bank has conceded that improved communication could have enhanced its performance in this capacity.As a gesture of goodwill, ANZ has offered to remit the revenue earned from its duration management activities to the AOFM.ANZ CEO Nuno Matos said: “The failings outlined are simply not good enough and they reinforce the case for change.“It is my expectation that we see measurable improvements across the bank to better protect and care for our customers and to create a more sustainable business.“Unfortunately, some of our failings occurred when our customers were at their most vulnerable. For this we are deeply sorry, and we are making changes to better support our customers when they need us most.”In light of these findings, ANZ has launched an ASIC Matters Resolution Program within its Australia Retail division, aimed at improving governance and oversight in various areas, including the Online Saver product, hardship processes, and the management of deceased estates.The bank has engaged Promontory as an independent expert to evaluate the effectiveness of this programme.ANZ is also preparing to submit its Root Cause Remediation Plan (RCRP) to the Australian Prudential Regulation Authority (APRA) by 30 September, as stipulated by a Court Enforceable Undertaking.The bank estimates that it will allocate approximately A$150m towards the implementation of the RCRP in FY26, which will be financed by scaling back other initiatives.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,589.12 -17.64 (-0.27%)Dow 3046,025.86 +267.96 (+0.59%)Nasdaq22,186.67 -147.29 (-0.66%)Russell 20002,439.56 +36.53 (+1.52%)VIX16.08 -0.28 (-1.72%)Gold3,717.00 -8.10 (-0.22%)PortfolioSign in to access your portfolioSign inTop gainersQMMM QMMM Holdings Limited 112.08 +24.08 (+27.36%)QBTS D-Wave Quantum Inc. 21.55 +2.57 (+13.51%)LYFT Lyft, Inc. 22.68 +2.49 (+12.33%)OPEN Opendoor Technologies Inc. 9.68 +0.76 (+8.54%)BLTE Belite Bio, Inc 72.71 +5.81 (+8.68%)Top losersGEMI Gemini Space Station, Inc. 24.45 -3.68 (-13.08%)MANU Manchester United plc 15.27 -1.14 (-6.97%)TREX Trex Company, Inc. 54.89 -3.40 (-5.83%)NXTT Next Technology Holding Inc. 22.30 -1.42 (-6.01%)SYM Symbotic Inc. 48.67 -2.94 (-5.70%)Most activeOPEN Opendoor Technologies Inc. 9.68 +0.76 (+8.54%)PLUG Plug Power Inc. 1.9155 +0.2355 (+14.02%)NVDA NVIDIA Corporation 169.49 -5.35 (-3.06%)SNAP Snap Inc. 7.99 +0.25 (+3.17%)BBAI BigBear.ai Holdings, Inc. 5.77 -0.17 (-2.86%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersSTUB StubHub Holdings, Inc. 22.56 -0.94 (-4.02%)OPEN Opendoor Technologies Inc. 9.71 +0.79 (+8.84%)QBTS D-Wave Quantum Inc. 21.70 +2.72 (+14.33%)UBER Uber Technologies, Inc. 93.08 -4.76 (-4.86%)PLUG Plug Power Inc. 1.9200 +0.2400 (+14.28%)Top economic events