The Federal Court of Australia has approved ANZ's (ASX:ANZ) agreement with ASIC (Australian Securities and Investments Commission) to resolve court action relating to unlicensed third parties providing home loan application documents to ANZ lenders.
ANZ says it acknowledged contraventions of the National Consumer Credit Protection Act in relation to 50 home loan applications involving two unlicensed third parties, made between 2015 and 2018 as part of its Home Loan Introducer Program.
It also says its Customer Fairness Advisor will conduct a review of its Home Loan Introducer Program, as well as pay a $10M civil penalty, as well as cover ASIC's costs.
ANZ says the financial impact of the remediation and the civil penalty and costs orders are covered by existing provisions.