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ANZ: Federal Court of Australia approved its agreement with the ASIC

October 2, 2020

ASIC to settle court action relating to the charging of fees prior to February 2016 for periodical payments in some circumstances
ANZ previously conducted a remediation program in relation to periodical payment fees charged over the period since 1 January 2008
Certain periodical payment fees also the subject of a class action which settled in December 2018
ASIC had pursued ANZ in respect of 1.3 million occasions of fees charged
In the settlement ANZ admits to contraventions in respect of 327,895 occasions, relating to fees totalling approximately $3.1 million
As part of the settlement ANZ will pay $10 million and $1 million towards ASIC’s costs