NSW: ANZ to pay $1.27 million in civil penalties
SYDNEY, April 25 AAP - The Australia and New Zealand Banking Group Limited (ANZ) hasbeen ordered to pay more than $1.27 million in civil penalties by the NSW Consumer, Traderand Tenancy Tribunal.
Fair Trading Minister Reba Meagher today welcomed the decision as a big win for bankcustomers in NSW after 88,000 loan contracts across the state contained errors in breachof the NSW Credit Act.
"The failure by ANZ bank to comply with the legislation impacted on many families inNSW, and the tough penalty handed down reflects this," Ms Meagher said.
About 362,000 loan contracts across Australia contained errors and ANZ has been orderedto pay a national penalty of $5.25 million.
Sixty-three types of errors were identified including failure to get contracts signedand dated, failure to disclose fees and charges, failure to disclose the amount financedand interest rate, and failure to disclose whether the loan was secured by a mortgage.
"The $1.27 million represents the NSW portion of the total civil penalty and will bepaid into the Financial Counselling Trust Fund to provide financial counselling servicesin NSW.
"The tough penalty reflects the seriousness of the bank's breaches including the numberof contracts affected and the type of errors made."
"The significant penalties imposed on the ANZ should serve as a warning to other banks,"
Ms Meagher said.
AAP rh/pw/jlw
KEYWORD: ANZ FINE
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