- ASIC to settle court action relating to the charging of fees prior to February 2016 for periodical payments in some circumstances
- ANZ previously conducted a remediation program in relation to periodical payment fees charged over the period since 1 January 2008
- Certain periodical payment fees also the subject of a class action which settled in December 2018
- ASIC had pursued ANZ in respect of 1.3 million occasions of fees charged
- In the settlement ANZ admits to contraventions in respect of 327,895 occasions, relating to fees totalling approximately $3.1 million
- As part of the settlement ANZ will pay $10 million and $1 million towards ASIC’s costs
