The Australian Securities and Investments Commission (ASIC) is nearing the end of its investigation into alleged corporate governance failures at ANZ, with a final announcement expected by mid-year. The probe, one of ASIC's most complex, focuses on allegations of bond rate manipulation by ANZ traders. ASIC Chair Joe Longo remained concerned about 'serious issues' uncovered during the investigation. ASIC is also investigating claims of incorrect interest calculations on savings accounts and inadequate handling of hardship provisions at ANZ.
The Australian Securities and Investments Commission ( ASIC ) is nearing the conclusion of its high-profile investigation into corporate governance failures at ANZ , with a final announcement expected by mid-year. ASIC Chair Joe Longo characterized the probe as one of the most complex the regulator has undertaken, particularly focusing on allegations that ANZ traders manipulated bond rates.
Longo emphasized that the ongoing investigation signifies ASIC's continued concern about serious issues unearthed during the process. He declined to comment on his confidence in the ANZ board's ability to address cultural governance issues following the appointment of Nuno Matos as the new CEO. ASIC sources indicate that the regulator is poised to finalize the probe by April and potentially launch litigation against ANZ, as investors have reportedly uncovered supporting evidence for the allegations. External lawyers are currently reviewing ASIC's evidence, aiming to present the most compelling examples for their case.Beyond the bond market allegations, ASIC is also investigating claims that ANZ miscalculated interest on customer savings accounts and mishandled hardship provisions. While Longo couldn't comment specifically on these matters, he stressed that ASIC maintains a program of institutional supervision for all banks. He expressed broader concern about the financial services industry, particularly insurance and superannuation sectors, for their handling of customer hardship applications, outlining it as a priority for ASIC in 2025. Longo noted the significant impact these sectors have on ordinary Australians, emphasizing the need for fair and effective practices. He highlighted ASIC's proactive approach in 2024, initiating 109 investigations, a 31% increase from the previous year, and securing 138 successful summary prosecutions, a 33% rise compared to the year before. Longo expressed confidence that ASIC has evolved into a modern and ambitious regulator, prepared to tackle emerging challenges and protect consumer interests in the evolving financial landscape
ASIC ANZ Corporate Governance Bond Rate Manipulation Litigation Customer Hardship Financial Regulation
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