ANZ Bank is to pay 25,000 customers a total sum of $ 500 m ( $ 3.83 m ) after the bank failed to properly apply fee increases and reductions since 2007 . The Australian Securities and Investments Commission ( SEC ) has said that the problem arose as a result of breakdowns in the automated and manual processes , adding that this highlights the importance of appropriately managing the system . Topics: banking, consumer-protection, consumer-finance, regulation, australia ANZ had reported the problem to the ASIC and cooperated fully with the enquiries .
ANZ Bank is to pay 25,000 customers a total sum of $ 500 m ( $ 3.83 m ) after the bank failed to properly apply fee increases and reductions since 2007 . The Australian Securities and Investments Commission ( SEC ) has said that the problem arose as a result of breakdowns in the automated and manual processes , adding that this highlights the importance of appropriately managing the system . ANZ had reported the problem to the ASIC and cooperated fully with the enquiries .