The Australian Securities and Investments Commission (ASIC) has revealed that Australia and New Zealand Banking Group Limited admitted to unconscionable conduct, including incorrect reporting of bond trading volumes and widespread misconduct affecting 65,000 customers. ASIC is seeking penalties totaling A$240 million across four legal proceedings, covering institutional and retail divisions. The cases involve issues such as inflated bond trading data, neglected customer hardship notices, false savings interest rate statements, and fees charged to deceased customers. The proposed penalties include A$125 million for institutional misconduct and A$115 million for retail-related matters, pending approval by the Federal Court of Australia.

Read more at Nasdaq: ANZ To Pay A$240 Mln Over Widespread Misconduct : ASIC