ANZ is facing a record $240 million penalty for engaging in  "unconscionable conduct". 

ASIC says the bank failed to refund fees to thousands of dead customers and also made false and misleading statements about some of its savings rates.

ANZ is also alleged to have mishandled a bond sale, potentially costing the federal government $26 million.

• Guest: Sarah Court, Deputy Chair of the Australian Securities and Investments Commission (ASIC)
• Producer: Brooke Young