The corporate regulator has given the ANZ bank board a bloody nose, accusing it of grubby behaviour and internal incompetence while imposing on it a $240 million fine.

But even more impactful, Australian Securities and Investments chairman Joe Longo on Monday branded ANZ a behavioral outlier among its peers – its conduct being worse than that of the other big four banks.

ANZ chairman Paul O’Sullivan (left) and chief executive Nuno Matos.Credit: Aaron Francis

At various times all banks have been found to have treated their customers terribly, particularly borrowers in hardship and those dealing with the financial aftermath of the death of relatives.

The banks all have nasty skeletons on some of these themes but, Longo said at a press conference, ANZ reached a new low watermark – with the tough-talking regulator, who was on a roll, describing its behaviour as grubby.

“Time and time again, ANZ betrayed the trust of Australians,” he said.

“The total penalties across these matters are the largest announced by ASIC against one entity and reflect the seriousness and number of breaches of law, the vulnerable position that ANZ put its........

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