A major Australian bank is guilty of "grubby", unconscionable behaviour, the country's top securities regulator says in imposing record penalties.

ANZ on Monday agreed to pay $240 million in fines, six years after a royal commission found widespread misconduct in Australia's financials services industry.

The big four bank admitted to failing to respond to hundreds of notices about customer hardship, making false and misleading statements about its savings interest rates and failing to pay those amounts to customers.

It also mishandled a $14 billion bond deal for the federal government, which ASIC said effectively cost the commonwealth about $26 million.

"It was clearly grubby," Australia Securities and Investments Commission chairman Joseph Longo said.

"Let's be frank. They said they

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