ASIC: Sues ANZ for overstating account balances and charging fees
- ASIC is Australia’s corporate, markets, financial services, and consumer credit regulator
- Commenced civil penalty proceedings in the Federal Court against ANZ for allegedly misleading its customers
- Also alleges that ANZ has not adequately fixed the problem and that customers continue to be affected
- ANZ overstated the available funds and balances on credit card accounts and nonetheless charged fees
- While ANZ has remediated over $10 million to customers who were affected up until 17 November 2018, the problem is continuing
- Also seeks orders that require ANZ to implement a system change so that where a payment is made to a customer’s credit card account
