ANZ controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
ASIC sues ANZ over home-loan referral practices
Lawsuit filed
In 2021, ASIC commenced Federal Court proceedings against ANZ. The regulator alleged that ANZ breached credit laws in connection with referrals through its home-loan introducer program and referrals from unlicensed individuals. ASIC further alleged that some documents provided were fraudulent. The proceedings concern the bank's home-loan referral practices as described in the source report.
Source excerpt
The Australian Securities and Investments Commission (ASIC) filed the lawsuit in the Federal Court on Thursday, alleging ANZ Bank had breached corporate laws by using unlicensed individuals to refer home loans applications to the bank for a commission.
ANZ acknowledged the proceedings and said it would consider ASIC’s claims, but could not comment further as the matter was now before the courts.
ASIC alleges 74 loans under this scheme between 2016 and 2018 breached the National Consumer Credit Protection Act and in some cases used fraudulent documents.
2021
Australian regulator sues ANZ over promised customer benefits
Lawsuit filed
Australia’s corporate regulator said it was suing ANZ for allegedly failing to provide more than half a million customers with promised benefits, including fee waivers and interest rate discounts. The regulator and ANZ said they would submit that a A$25 million penalty was appropriate.
Source excerpt
Australia’s corporate 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, including fee waivers and interest rate discounts.
The Australian Securities & Investments Commission and ANZ will submit that a penalty of A$25 million ($17.94 million) is appropriate, the regulator said.
The big four bank is being sued by the regulator for failing to provide some of the benefits promised to customers who hold offset transaction accounts or 'Breakfree' packages in conduct dating back more than two decades.
2020
Trader sues ANZ for defamation
Lawsuit filed
Bogac Ozdemir sued ANZ for defamation over the bank's criticism of one of his social media posts and is seeking damages of at least US$20 million. The article says he filed the civil action in New York and that ANZ had not yet filed a response.
Source excerpt
One of Australia & New Zealand Banking Group's most senior traders is suing the lender for defamation over its criticism of one of his social media posts.
Mr Ozdemir claims that the bank's comments were defamatory and is seeking damages of not less than US$20 million (S$27.8 million), according to court documents seen by Bloomberg.
ANZ has yet to file a response to the filing.