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Australia’s ANZ faces second lawsuit in less than a week

By Mensholong Lepcha

08:11, 1 December 2021

ANZ logo
ANZ logo – Photo: Shutterstock

Australia’s top bank Australia and New Zealand Banking Group (ANZ) has been slapped with a class action lawsuit by law firm Phi Finney McDonald for allegedly charging customers on “interest-free” credit cards for nearly a decade.

It is alleged that ANZ charged its customers on purchases even when they repaid dues in a timely manner between 1 July 2010 to 1 January 2019.

“The claim alleges that ANZ charged retrospective interest on its “interest-free” credit cards and did so in a manner that prevented consumers from understanding what purchases they were being charged interest on,” said Phi Finney McDonald in its media release.

Second lawsuit in less than a week

“The terms of ANZ’s contract made it impossible for a typical consumer to understand that they would be charged retrospective interest, even on purchases which they repaid on time,” the law firm added.

ANZ on Wednesday acknowledged the class action proceedings and said it will review the claim and will provide an update as required.

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The ANZ credit cards class action suit is the bank’s second lawsuit in less than a week.

ASIC lawsuit

On 26 November, market watchdog Australian Securities & Investments Commission (ASIC) sued the bank for breaching “consumer protection credit laws by accepting customer information and documents from introducers and other unlicensed individuals.”

ANZ stock slipped 0.2% to AUD26.64 on Wednesday.

Read more: Westpac to pay AUD113m fine on six regulatory breaches

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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