ANZ (ASX:ANZ) acknowledges ASIC proceedings

Banking giant ANZ (ASX:ANZ) has acknowledged that Australian Securities and Investments Commission (ASIC) has commenced proceedings relating to three unlicensed third parties providing home loan application documents to ANZ lenders, including in connection with its home loan introducer program.

Under the civil proceedings, ASIC is alleging contraventions of section 31 of the credit protection act relating to 74 home loan applications made between 2016 and 2018, and contraventions of general conduct obligations owed by credit licensees under the Credit Act.

ANZ has co-operated with ASIC during its investigation and has established a customer remediation program as well as continuously improving its home loan processes and controls, the bank said

ANZ also said they are considering the matters raised in the concise statement and will not be providing further comment given the matter is now before the courts.

Shares in ANZ (ASX:ANZ) are trading 0.04 per cent lower at $27.26.