Australia’s financial regulator takes a fine of $ 160 million on Anz, its largest ever on a single entity

The fine is the most important ever announced by the regulator against a single entity, said Australian Securities and Investments Commission (ASIC).

Anz was sentenced to a fine to “act without conscience” while managing an obligation agreement of $ 14 billion with the Australian government.

He was also penalized for “not having responded to hundreds of customer difficulties opinions”, which makes false or misleading statements on his savings interest rates and not reimbursing the costs invoiced to dead customers.

“On many occasions, Anz has betrayed the confidence of the Australians,” said Joe Longo, president of ASIC.

“Banks must have the confidence of customers and the government. This result shows an unacceptable contempt for this confidence which is essential to the banking system. ”

Asic vice-president Sarah Court said: “As one of the biggest banks in Australia, customers trusted ANZ to do the right thing but, even on the basics as paying the correct interest rate, he failed.”

Annement Anz, one of the four banks that dominate the Australian financial services sector, announced last week that it would reduce more than 3,500 employees by September of next year, part of a restructuring plan which, according to him, would cost more than $ 500 million Australian.

The president of the ANZ, Paul O’Sullivan, confirmed that the bank had accepted the fines, saying that “the reality is that we have made errors that have had a significant impact on customers”.

“On behalf of Anz, I apologize and assure our customers that we have taken the necessary measures, including the holding of the executives concerned responsible,” he said in a statement.

CEO Nuno Matos has added: “The shortcomings described are simply not good enough and they strengthen the case for change”.