Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited (No 3) [2020] FCA 1421

Federal Court of Australia

Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited (No 3) [2020] FCA 1421 File number: QUD 445 of 2019

Judgment of: ALLSOP CJ

Date of judgment: 1 October 2020

Date of publication of reasons: 13 October 2020

Catchwords: BANKING AND FINANCIAL INSTITUTIONS – where the defendant (ANZ) offered regular automated payment service commonly known as a periodical payment – where ANZ charged non-payment fees for periodical payments that failed because of insufficient funds (non-payment fees) – where ANZ charged transaction fees for successful periodical payments (transaction fees) – where ANZ charged non-payment fees and transaction fees for periodical payments made between accounts in the same name (same-name fees) – where ANZ admitted to contraventions of s 12CB of the Australian Securities and Investments Commission Act 2001 (Cth) comprising unconscionable conduct by charging certain same-name fees and by not making certain remediation payments – where ANZ admitted to contraventions of ss 912A(1)(a) and 912A(1)(c) of the Corporations Act 2001 (Cth) comprising unconscionable conduct by charging certain same-name fees and by not making certain remediation payments – where parties jointly seek declarations and orders for agreed penalties – principles and considerations relevant to the imposition of penalties – whether each proposed agreed penalty an appropriate sum in the circumstances – agreed declarations and orders made

Legislation: Australian Securities and Investments Commission Act 2001 (Cth), ss 12CB, 12CC Corporations Act 2001 (Cth), ss 912A(1)(a), 912A(1)(c) Fair Work Act 2009 (Cth), s 557