ANZ faces $40m penalty, admits to failing struggling home loan holdersThe big four bank is facing a record penalty for misconduct across multiple arenas, including failures that left struggling borrowers without support. ANZ has admitted to widespread misconduct, impacting both the Australian Government and tens of thousands of retail customers. "For this we are deeply sorry, and we are making changes to better support our customers when they need us most." ANZ hardship failures a result of systematic faultsASIC alleges ANZ breached the Credit Code on as many as 668 occasions when home loan, credit card, personal loan, and overdrawn customers reached out for hardship support between May 2022 and September 2024. The $40 million fine facing ANZ on the back of hardship failures comes just weeks after fellow big four bank NAB was hit with a $15.5 million penalty for similar failures.