On 23 August, 2019, BankingInsuranceSecurities.com reported that a former branch manager with National Australia Bank had been convicted of fraud and that other prosecutions were in the pipeline and that National Australia Bank was the subject of proceedings. "The issues before the Court relate to the period September 2013 to July 2016 during which 16 members of staff accepted actual introductions from 25 introducers resulting in 297 loans. In those cases, the introducers were not licensed to conduct credit activity."

Fast forward to today. ASIC v ANZ. "The Court found that between March 2017 and March 2018, ANZ contravened consumer credit protection laws by accepting information and documents in support of 50 home loan applications from unlicensed third parties who were not licensed to engage in credit activity. The Court also found that between November 2015 to March 2018, ANZ did not have adequate processes in place in its Introducer Program to ensure compliance and failed to take reasonable steps to ensure ANZ’s representatives complied with consumer credit protection laws."

Déjà vu of sorts?

Further reading: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-re…