Court approves ANZ and ASIC 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: 26 September 2023

Court approves ANZ and ASIC settlement relating to credit
card cash advance fees being charged in some
circumstances

Further to a release on 30 May 2022,
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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 fees and interest charged for credit
card cash advances made in some circumstances.
The proceeding related to a situation where funds were deposited to a credit card account
and displayed as available, and then a cash advance was made on that account before the
funds were processed.
In a statement of agreed facts and admissions filed with the Court, ANZ acknowledged
contraventions of section 12DB of the Australian Securities and Investments Commission Act
(ASIC Act) for certain consumer credit card products between May 2016 and November
2018, and for one credit card product between November 2018 and April 2021. ANZ also
acknowledged a contravention of section 47 of the National Consumer Credit Protection Act
between April 2018 and September 2021.
ANZ accepts responsibility for what has occurred and apologises to its customers, and has
addressed the issues that gave rise to the contraventions.
ANZ has cooperated with ASIC during this process and has completed its remediation
program for the period of the ASIC Act contraventions.
As part of the settlement, ANZ has agreed to further remediation for the period from
November 2018 to September 2021. ANZ has also agreed to a $15 million civil penalty and
to pay ASIC’s costs.
The financial impact of the civil penalty, ASIC’s costs and remediation are covered by
existing provisions.

For media enquiries contact:

Amanda Schultz
Media and Public Relations Manager
Tel: +61 401 532 325


Approved for distribution by ANZ’s Continuous Disclosure Committee


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https://media.anz.com/posts/2022/05/asic-civil-penalty-proceeding-relating-to-the-charging-of-credit/asic-civil-
penalty-proceeding-relating-to-the-charging-of-credit