ANZ has admitted to engaging in widespread misconduct and agreed to pay a record $240m in penalties.

The Australian Securities and Investments Commission (ASIC) says the big bank admitted “unconscionable conduct” in services provided to the Australian government, incorrectly reporting its bond trading data by overstating the volumes by tens of billions of dollars.

ANZ also engaged in “widespread” misconduct across products and services that impacted almost 65,000 customers.

The bank failed to refund fees charged to thousands of dead customers and did not respond to loved ones trying to deal with deceased estates within the required timeframe, ASIC said.

In a media conference post announcing the $240m in penalties, ASIC chair Joe Longo said the ANZ errors cost every Australian.

“A lowe

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