ANZ cops $700,000 fine, says sorry to customers
The ANZ bank has apologised to customers after being ordered to pay more than $700,000for credit law violations.
Queensland Supreme Court Justice KEN MACKENZIE has found the bank should pay $686,000as a civil penalty and more than $40,000 in compensation to consumers after breachingthe state's credit laws.
An ANZ spokesman says the bank has unreservedly accepted the court's decision and canfind no excuse for its actions.
The payout ratifies the Queensland portion of a national penalty decision by the VictorianConsumer and Administrative Tribunal in December to fine ANZ $5.25 million and $850,000in compensation.
Commissioner for Fair Trading MATT MILLER says the ANZ breached credit laws in morethan 47,000 personal loan contracts in Queensland between 1989 and 1996.
He says the bank took advantage of thousands of consumers by failing to disclose insurancecommissions, other fees and charges and the correct amount financed.
AAP RTV am/sc/tnf/sco
KEYWORD: ANZ (BRISBANE)
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