ASIC chief makes startling admission on live TV as he slams ANZ misconduct

During a live interview discussing ANZ bank's "widespread misconduct", the head of the Australian Securities Investments Commission made a stunning admission.

Joe Longo was speaking with the ABC last night over the corporate watchdog's decision to seek fines against the major bank of $240 million for its alleged misconduct which affected 65,000 customers over a period of years.

He was discussing the ASIC action on the broadcaster's 7.30 show when Host Sarah Ferguson asked him if he would bank with ANZ.

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"Actually, I do bank with ANZ," replied Longo.

Ferguson pressed him about switching banks.

"Well, that's not appropriate for me this evening to talk about my personal banking arrangements," said Longo.

Ferguson pointed out he'd made the admission, and went on to ask if he felt ANZ had failed him.

Longo said he felt "very let down as a regulator".

ASIC deputy chair Sarah Court told Today this morning some of the most vulnerable Australians were impacted by ANZ's misconduct.

She says in asking the federal court to fine the big four bank $240 million, the regulator was sending a message to the entire banking industry.

"The reason you have high penalties, if the court imposes them, is to send a real deterrent message to ANZ, but also to any other banks that are thinking about engaging in this kind of misconduct."

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