ANZ’s $240 million misconduct another black mark for banking
Anz President Paul O’Sullivan – a director since 2019 and the head of the bank since 2020 – still in his work?
240 million dollars of Australian Securities and Investments Commission (ASIC) reached the bankSince the Bank spends most of the recent years trying to fluctuate as a non -event, it is only the latest example of abuse from one of the major banks.
Anz pays 125 million dollars in a bond agreement of $ 14 billion for the Australian Financial Management Office and a bond agreement of 14 billion dollars and $ 115 million for the abuse against customers. Secondly, hundreds of customers did not respond to the difficulties of difficulties or to have appropriate difficulties, to make false and misleading expressions about savings interest rates, and not to pay the interest rates promised to tens of thousands of customers, did not repay the wages charged to thousands of dead customers and did not respond to the deceased customer within the necessary time periods.
CEO Shayne Elliott a year ago He was trying to play desperately Bond Trade Scandal – but $ 125 million to see a lot to see here. When ASIC’s investigation into bond abuse, Treasurer Jim Chalmers limits Anz’s acquisition of Suncorp’s purchase of the banking branch last year, and limits the government’s use of the investigation as a basis to withdraw the sale.
In addition to Apra, the main banking regulator of yesterday, Capital coating In April of this year, Anz $ 1 billion-pre-$ 500 million (2019) and $ 750 million (August 2024) add-ons. In April, Anz followed an attempt by the court to address the weaknesses in the operational risk and harmony caused by the issues determined in an independent examination of Anz’s market business.
Furthermore, healing their processes will cost at least $ 150 million in extra expenditures that Anz will come to cut out investment elsewhere.
This is located over $ 353 million in compensation for Tens of thousands of customers, where Anz had to pay back as a result of Anz’s action. Following the Royal Commission of Hayne. Anz seems to be enough to illustrate and abuse its customers – he had to go back for more.
“Anz has repeatedly betrayed the trust of the Australians, AS “The total penalties on these issues are the biggest penalties described by ASIC against an organization, and the violation of the law reflects repeated failures to correct the vulnerable position and important issues in which Anz puts its customers.”
But O’Sullivan is still trying Elliott True Dhuman LineThe insistence of the bond scandal was not intentional, but only a “error .. In addition, we often hear the well-worn cliché we hear from banks. Or, in this case, the “transformation”, which will replace Elliott, Nuno Matos, who uses the support.
This “transformation” promised by O’Sullivan, including the widows who cannot pay for their husbands’ funeral ceremonies due to Anz, should be wondering whether Anz is forced to cough for more than one-third of a billion dollars for Anz’s Hayne-Ee robbery.
O’Sullivan may have come to the scandals and anger revealed by Hayne, but since 2020, he has been president and returned to the bank inferior and dirty ways, the anger of misleading taxpayers and tried to shake them all as CEO Biggie.
Ken Henry left NAB for a bad day in the office in front of Hayne and went with CEO Andrew Thorburn. Lindsay Maxsted of Westpac and CEO Brian Hartzer, in 2019, left responding to the enormous money laundering scandal that surrounded the bank. It has been a long time when O’Sullivan followed examples, and now he has been able to account for a long scandal list in his bank.
