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Compliance

ACCC takes second swipe at ANZ

by Staff Reporter2 minute read

The Australian Competition and Consumer Commission has appealed a Federal Court decision which dismissed price fixing claims against ANZ bank.

The court ruling was handed down by Justice Dowsett late last month, and the ACCC announced its appeal yesterday.

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The ACCC has alleged that in 2004, ANZ wanted Mortgage Refunds to agree to limit the amount of the refund it could provide to its customers in respect of arranging ANZ home loans.

It was alleged that ANZ made and gave effect to an agreement under which the bank would only allow Mortgage Refunds to continue to be accredited to offer ANZ mortgage products if the group agreed to limit any refund it paid to customers to $600.

This would allow the lender to match the deal if they waived the loan establishment fee.

The ACCC alleged that this amounted to price fixing because ANZ and Mortgage Refunds were competitors in the market for the provision of loan arrangement services.

ACCC takes second swipe at ANZ
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