ANZ Group received multimillion-dollar fine in Australia for violating consumer rights
2023.03.10 04:05
ANZ Group received multimillion-dollar fine in Australia for violating consumer rights
By Tiffany Smith
Budrigannews.com – A corporate watchdog said on Friday that an Australian court has fined ANZ Group Holdings A$10 million (6.6 million) for violating consumer credit protection laws in a case that stems from the country’s Royal Commission proceedings.
The lender’s home loan introducer program, which allowed third parties to refer customers for home loans, was the subject of the fine, according to the Australian Securities & Investments Commission (ASIC).
In a statement, the Australian Securities and Investments Commission (ASIC) stated, “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.”
A Royal Commission investigation into Australia’s financial services industry in 2017 revealed widespread misconduct, which led to the court case.
The bank stated, “During this process, ANZ has cooperated with ASIC, is nearing completion of a customer remediation program, and has made changes to its home loan processes.”
The Australian Securities and Investments Commission (ASIC) stated earlier on Friday that the six largest banks in the country had either paid or offered to pay A$4.7 billion in compensation to customers who had lost money due to fees for services that were not provided. $1 is equal to 1.5161 Australian dollars.
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