Market Chatter: ANZ Group Holdings Faces ASIC Probe over Alleged Savings Interest Miscalculation

MT Newswires Live

Jan 22, 2025

The Australian Securities and Investments Commission is investigating allegations that ANZ Group Holdings (ASX: ANZ, NZE:ANZ) miscalculated interest on thousands of savings accounts, adding to ongoing regulatory scrutiny of the bank, according to a Wednesday report by The Australian.

The regulator is examining whether ANZ incorrectly paid regular and bonus interest on certain accounts and reviewing the bank's hardship provisions for customers in financial distress, the report said.

The report added that the bank may have enlisted the services of McKinsey & Company to assist its executives in improving and strengthening processes.

ANZ did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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