ASIC to hit ANZ with civil suit over PPN

The corporate watchdog is set to commence civil proceedings against ANZ Bank, reportedly seeking to fine the lender for charging customers certain fees between 2008 and 2016.

ANZ said on Thursday that ASIC had advised it intends to commence civil penalty proceedings against the bank in relation fees charged for periodical payments in certain circumstances prior to February 2016.

The fees were the subject of a class action which was settled in December 2018 for $1.5 million, pending court approval.

ANZ said it understands ASIC will seek pecuniary penalties in respect of 1.3 million occasions where the fees were applied.

The bank said it was still considering the matters raised by ASIC but denied any deliberate wrongdoing and will defend itself against any such allegations.

The Australian Government solicitor has informed ANZ it will file documents in the Federal Court on July 29.

AAP

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