Bank interest withheld, dead charged in huge ‘betrayal’
A large Australian Bank will receive a fine of $ 240 million for “common abuse” for promising to hold the executives responsible.
Anz admitted that he could not respond to hundreds of notifications about customer shortages, making wrong and misleading statements about savings interest rates and that he did not pay these amounts to customers.
Two bonus interest problems, one dating back to 2013, affected 251,000 customers.
Expecting financial services, Big Four Bank’s bond trade data incorrectly and volumes for many years after the exaggeration of dozens of billion dollars of the federal government to manage a bond agreement with a bond agreement, he said.
Even the dead had not survived, Anz could not pay back the return to thousands of deceased customers and did not answer the necessary time period of the deceased Estates questions.
“Over again, Anz betrayed the confidence of the Australians,” Joe Longo, President of the Australian commission. He said.
“Banks must have the confidence of customers and government.
“This result is unacceptable for this confidence, which is critical for the banking system.”
According to Mr. Longo, the biggest penalties of ASIC against an organization by ASIC.
President Paul O’Sullivan said that Anz accepted the allegations, including holding the relevant executives responsible and took action.
More than 50 accountability reviews have been completed and some existing and former executives changed their fees.
Most of the affected customers – Anz can define – are corrected, while 56,000 customers from August 2024 to March are expected to be compensated soon.
However, Anz could not determine the number of deceased people he paid between 2019-2023.
The penalties will put more pressure on CEO Nuno Matos, who came under fire last week after Anz announced that he would leave 3500 personnel and 1000 contractor until September 2026.
Mr. Nuno apologized to the affected customers.
“Apparently the failures are not good enough and they strengthen the case of change,” he said.
“Unfortunately, some of our failures occurred when our customers were most vulnerable.
“We’re so sorry for that.”
Each issue will be evaluated separately and determined by the Federal Court.
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