ASIC civil proceedings on periodical payment fees

News Release
For release: 25 July 2019


ASIC civil proceedings on periodical payment fees

The Australian Securities and Investments Commission (ASIC) has advised ANZ it intends to
commence civil penalty proceedings against the bank in relation to the charging of fees for
periodical payments in certain circumstances prior to February 2016.

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

Separately, ANZ has already provided for approximately $50 million in customer
remediation payments for this matter of which more than $28 million has already been paid
to customers impacted since 2008.

In this matter, we understand ASIC will seek pecuniary penalties in respect of 1.3 million
occasions where the fees were applied.

While ANZ is still considering the matters raised by ASIC, ANZ categorically denies any
deliberate wrongdoing and intends to vigorously defend any such allegation.

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

ANZ will not be providing further comment given the matter is expected to be before the
courts.

For media enquiries contact:

Stephen Ries, +61 409 655 551



Australia and New Zealand Banking Group Limited ABN 11 005 357 522