Bank accused of 1.3m instances of charging customers for moving money between their own accounts
The corporate regulator is to launch legal action against ANZ over an alleged fee rip-off that could result in the bank being forced to pay a penalty running into the hundreds of millions of dollars.
An Australian Securities and Investments Commission spokesman said on Thursday the regulator was “intending to issue proceedings in the federal court against ANZ today” over the alleged misconduct, which relates to the bank charging fees to customers who moved money between their own accounts.
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