Court approves ASIC proceeding settlement

Australia and New Zealand Banking Group Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 11 005 357 522
News Release
For Release: 10 March 2023

Court approves ANZ and ASIC settlement over home loan
application documents provided by unlicensed third parties

Further to a release of 26 November 2021,
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ANZ today announced that the Federal Court of
Australia has approved its agreement with the Australian Securities and Investments
Commission (ASIC) to resolve court action relating to unlicensed third parties providing
home loan application documents to ANZ lenders.

In a statement of agreed facts and admissions filed with the Court, ANZ acknowledged
contraventions of section 31 of the National Consumer Credit Protection Act (Credit Act) in
relation to 50 home loan applications involving two unlicensed third parties made between
2017 and 2018 as part of its Home Loan Introducer Program. ANZ also acknowledged
contraventions of general conduct obligations under the Credit Act between 2015 and 2018.

ANZ has cooperated with ASIC during this process, is nearing completion of a customer
remediation program and has made changes to its home loan processes.

As part of the settlement, ANZ has agreed that its Customer Fairness Advisor will conduct a
review of its Home Loan Introducer Program. ANZ has also agreed to a $10 million civil
penalty and to pay ASIC's costs.

The financial impact of the remediation and the civil penalty and costs orders are covered by
existing provisions.

For media enquiries contact:

Lachlan McNaughton
Senior Manager Media Relations
Tel: +61 457 494 414



Approved for distribution by ANZ’s Continuous Disclosure Committee

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https://media.anz.com/posts/2021/November/asic-proceeding-relating-to-home-loan-application-documents-prov