Qld: ANZ fined $700,000 over credit law breach
BRISBANE, Feb 14 AAP - A court has ordered the ANZ Bank to pay fines and compensationof more than $700,000 for credit law breaches.
Justice Ken MacKenzie in the Queensland Supreme Court today found the bank should pay$686,000 as a civil penalty and more than $40,000 in compensation to consumers.
The penalties were for breaching laws covering personal contracts from the late 1980s to 1996.
The ANZ was found to have breached more than 47,000 personal loan contracts in Queensland.
The breaches included a failure to disclose insurance commissions, other fees and chargesand the correct amount financed.
AAP sc/ph/de
KEYWORD: ANZ
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