Australian Securities and Investments Commission
Access To A Copy Of The Unredacted Document (excluding The Phone Numbers Of ASIC Staff) Of The Attached Document. In Relation To The Reference In That Document To: “it Appears From The Information…
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Access To A Copy Of The Unredacted Document (excluding The Phone Numbers Of ASIC Staff) Of The Attached Document. In Relation To The Reference In That Document To: “it Appears From The Information FOS Provided Me That ANZ Informed FOS That They Were Keeping ASIC Updated On The Issue”, Access To: The Documents ANZ Gave To ASIC As Part Of The Updates They Informed FOS They Had Been Giving To ASIC (as Outlined Above); Any Documents ANZ Gave To ASIC In Relation To The Overcharging Of Interest On Purchases Issue To Which The FOS Determination Relates In Accordance With Their Obligations Under The Corporations Act; And Any Resulting Communications Between ASIC And ANZ In Relation To Those Documents. Access To Documents That Outline The Outcome Of Asic’s Review Of The ANZ Overcharging Issue.
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This FOI release contains internal ASIC communications from January 2018 discussing regulatory matters related to credit card fees and interest charging practices. The documents reference a court action against American Express regarding merchant surcharge disclosure obligations under the Uniform Consumer Credit Code, noting that ASIC's enforcement role in this area became minimal after 2017 regulatory changes transferred responsibility to the ACCC. The communications also discuss a separate Financial Ombudsman Service determination from 2017 that resulted in $37 million remediation to ANZ credit card customers for unlawful overcharging of interest on purchases and cash advances. ASIC staff were preparing briefing materials on these credit card issues, indicating these matters were considered significant enough for executive attention. The disclosure shows ASIC's limited ongoing role in credit card surcharging enforcement and its awareness of major remediation obligations imposed through alternative dispute resolution rather than direct ASIC enforcement action.
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