ANZ has acknowledged that the Australian Securities and Investments Commission (ASIC) has initiated a civil penalty proceeding concerning three unlicensed third parties who provided home loan application documents to ANZ lenders. This issue is related to ANZ's Home Loan Introducer Program.
ASIC alleges violations of section 31 of the National Consumer Credit Protection Act (Credit Act) regarding 74 home loan applications submitted between 2016 and 2018. Additionally, ASIC claims breaches of general conduct obligations required by credit licensees under the Credit Act.
ANZ has cooperated with ASIC throughout its investigation and has set up a customer remediation program while continuing to enhance its home loan processes and controls.
"ANZ is considering the matters raised in the Concise Statement and will not be providing further comment given the matter is now before the courts."