Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited [2022] FCA 1251

FEDERAL COURT OF AUSTRALIA Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited [2022] FCA 1251 File number(s): VID 734 of 2021

Judgment of: O'CALLAGHAN J

Date of judgment: 26 October 2022

Catchwords: CORPORATIONS – penalties – declarations – where bank issued documents setting out terms and conditions governing products to customers who subsequently did not receive benefits to which customers were entitled – where bank admitted that it made implied representations that it had, and would continue to have, adequate systems and processes in place to administer benefits when it did not have adequate systems and processes – where bank admitted to contraventions of ss 12DA(1) and 12DB(1)(e) of the Australian Securities and Investments Commission Act 2001 (Cth), ss 912A(1)(a) and 912A(1)(c) of the Corporations Act 2001 (Cth) and ss 47(1)(a) and 47(1)(d) of the National Consumer Credit Protection Act 2009 (Cth) – where parties agreed on penalty, form of declarations and adverse publicity order – orders made, including that bank pay a pecuniary penalty of $25 million

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 1, 1(2)(g), 12BAA, 12BAB, 12BAB(1)(b), 12BAB(1)(g), 12BAB(7)(b), 12BB, 12BB(1), 12DA, 12DA(1), 12DB, 12DB(1), 12DB(1)(e), 12GB, 12GB(1)(f), 12GB(1)(g), 12GBA, 12GBA(1), 12GBA(2), 12GBA(2)(a), 12GBA(2)(b), 12GBA(2)(c), 12GBA(3), 12GBC, 12GLB, 12GLB(1)(a), 12GLB(1)(b), 320 Corporations Act 2001 (Cth) ss 761A, 784, 912A, 912A(1)(a), 912A(1)(c), 912D, 913B, 1657 Crimes Act 1914 (Cth) ss 4AA, 4AA(1), 4AA(3) Evidence Act 1995 (Cth) s 191(3)(a) Federal Court of Australia Act 1976 (Cth) s 21 National Consumer Credit Protection Act 2009 (Cth) ss 5, 5(1), 38, 47, 47(1), 47(1)(a), 47(1)(d) National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cth) Sch 8, item 3 Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth) Schs 1, 2, 3