<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>During a live interview discussing ANZ bank's "widespread misconduct", the head of the Australian Securities Investments Commission made a stunning admission.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Joe Longo was speaking with the ABC last night over the corporate watchdog's decision to seek fines against the major bank of $240 million for its alleged misconduct which affected 65,000 customers over a period of years.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He was discussing the ASIC action on the broadcaster's </span><em><span>7.30</span></em><span> show when Host Sarah Ferguson asked him if he would bank with ANZ.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/food-and-water-shortages-predicted-for-australia-in-national-climate-risk-assessment-report/c0c4dfdf-36f8-406e-98ea-2935e5173980" target="_blank"><strong><span>Aussie staples under threat of being wiped out in just decades</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Actually, I do bank with ANZ," replied Longo.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Ferguson pressed him about switching banks.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Well, that's not appropriate for me this evening to talk about my personal banking arrangements," said Longo.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/asic-chair-admits-he-banks-with-anz/7ce5f9f9-faee-417f-a0f2-ce257c3cac3a" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Ferguson pointed out he'd made the admission, and went on to ask if he felt ANZ had failed him.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Longo said he felt "very let down as a regulator".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASIC deputy chair Sarah Court told </span><em><span>Today</span></em><span> this morning some of the most vulnerable Australians were impacted by ANZ's misconduct.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>She says in asking the federal court to fine the big four bank $240 million, the regulator was sending a message to the entire banking industry.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The reason you have high penalties, if the court imposes them, is to send a real deterrent message to ANZ, but also to any other banks that are thinking about engaging in this kind of misconduct."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span></span><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple App Store</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a><strong><em><span>.</span></em></strong></div></div>