ANZ says watchdog plans action for wrongful fee charges

(Reuters) - Australia and New Zealand Banking Group Ltd said on Thursday the country's corporate regulator plans to file civil penality proceedings against the bank for wrongful charging of fees. ANZ said the Australian Securities and Investments Commission (ASIC) had informed the bank that the proceedings related to the charging of fees for periodical payments in certain cases before February 2016. The fees were the subject of a class action which was settled in December 2018 for A$1.5 million ($1.05 million), pending court approval, the bank said in a statement.

Reuters July 25, 2019 07:05:29 IST
ANZ says watchdog plans action for wrongful fee charges

ANZ says watchdog plans action for wrongful fee charges

(Reuters) - Australia and New Zealand Banking Group Ltd said on Thursday the country's corporate regulator plans to file civil penality proceedings against the bank for wrongful charging of fees.

ANZ said the Australian Securities and Investments Commission (ASIC) had informed the bank that the proceedings related to the charging of fees for periodical payments in certain cases before February 2016.

The fees were the subject of a class action which was settled in December 2018 for A$1.5 million ($1.05 million), pending court approval, the bank said in a statement.

"ANZ categorically denies any deliberate wrongdoing and intends to vigorously defend any such allegation," it said.

($1 = 1.4333 Australian dollars)

(Reporting by Devika Syamnath in Bengaluru; editing by Richard Pullin)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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