Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited [2023] FCA 1150

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited [2023] FCA 1150 File number: VID 285 of 2022

Judgment of: BEACH J

Date of judgment: 26 September 2023

Catchwords: CORPORATIONS – provision of financial services – regulatory proceedings – proceedings brought concerning contraventions of s 12DB of the Australian Securities and Investments Commission Act 2001 (Cth) and s 47 of the National Consumer Credit Protection Act 2009 (Cth) – false or misleading representations concerning the price of cash advances made using ANZ credit cards – failure to engage in credit activities efficiently, honestly and fairly – assessment of pecuniary penalties and other relief – financial services laws – orders and declarations

Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12BA, 12DB, 12GBA, 12GBB, 12GBC, 12GBCA, 12GBCE, 322 Corporations Act 2001 (Cth) ss 761A, 912A, 912B National Consumer Credit Protection Act 2009 (Cth) s 47 National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth)

Cases cited: Australian Building and Construction Commissioner v Pattinson (2022) 274 CLR 450 Australian Competition and Consumer Commission v Murray Goulburn Co-Operative Co Ltd [2018] FCA 1964 Australian Securities and Investments Commission v AGM Markets Pty Ltd (in liq) (No 3) (2020) 275 FCR 57 Australian Securities and Investments Commission v AGM Markets Pty Ltd (No 4) (in liq) (2020) 148 ACSR 511 Australian Securities and Investments Commission v Australia and New Zealand Banking Group Ltd (No 3) [2020] FCA 1421 Australian Securities and Investments Commission v Australia and New Zealand Banking Group Ltd (2022) 164 ACSR 428 Australian Securities and Investments Commission v Avestra Asset Management Ltd (in liq) (2017) 348 ALR 525 Australian Securities and Investments Commission v Camelot Derivatives Pty Ltd (in liq) (2012) 88 ACSR 206 Australian Securities and Investments Commission v Commonwealth Bank of Australia [2020] FCA 790 Australian Securities and Investments Commission v Commonwealth Bank of Australia [2022] FCA 1422 Australian Securities and Investments Commission v La Trobe Financial Asset Management Ltd (2021) 158 ACSR 363 Australian Securities and Investments Commission v National Australia Bank Ltd (2022) 164 ACSR 358 Australian Securities and Investments Commission v National Australia Bank Ltd (No 2) [2023] FCA 1118 Australian Securities and Investments Commission v Westpac Securities Administration Ltd (2019) 272 FCR 170 Australian Securities and Investments Commission v Westpac Banking Corporation (No 2) (2018) 266 FCR 147 Australian Securities and Investments Commission v Westpac Banking Corporation (No 3) (2018) 131 ACSR 585 Australian Securities and Investments Commission v Westpac Banking Corporation (Omnibus) (2022) 407 ALR 1 Chief Executive Officer of the Australian Transaction Reports and Analysis Centre v Westpac Banking Corporation (2020) 148 ACSR 247 Comité Interprofessionnel du Vin de Champagne v Powell (2015) 330 ALR 67 Flexopack SA Plastics Industry v Flexopack Australia Pty Ltd (2016) 118 IPR 239 State Street Global Advisors Trust Company v Maurice Blackburn Pty Ltd (No 2) (2021) 164 IPR 420