The Australian Competition and Consumer Commission (ACCR) has initiated federal court proceedings against the company over the way that Australia and New Zealand Banking Group (ANZ) interacted with a Queensland mortgage broker, Mortgage Refunds (MR).
The regulator alleged that the bank limited the level of refunds that MR could provide to customers, linked to the commissions it received for ANZ home loans and, as result, breached the Trade Practices Act, Reuters reported.
In response, ANZ managing director of mortgages, Michael Rowland, said: ANZ denies any price-fixing behavior and has not breached section 45 of the Trade Practices Act. We will vigorously defend the ACCC proceedings. We believe the proceedings are ill-conceived and misplaced in law.
Mr Rowland added: ANZ has fully co-operated with the ACCC on this matter since 2004. It is disappointing following three years of discussion, and with extensive involvement of legal advisors, that we have reached this point. We fully expect our position to be vindicated in the courts.
