9 December 2021 - ASIC sues ANZ for misleading customers and failing to provide promised benefits – final Royal Commission investigation

ASIC has commenced civil penalty proceedings in the Federal Court against Australia and New Zealand Banking Group Ltd (ANZ) for failing to provide certain benefits it had agreed to give customers with offset transaction accounts or a ‘Breakfree’ package.

ASIC’s investigations reinforce that financial services institutions must:

• Always put their customers first
• Fulfil any promises made to their customers
• Ensure all consumers are treated fairly
• Ensure that they do not take advantage of vulnerable consumers
• Put in place the correct and legal compliance processes to monitor their activities, and
• Maintain the appropriate governance, oversight, and systems over those compliance processes.

This proceeding also marks the final civil case for ASIC arising from the Financial Services Royal Commission.