A key advocacy group for consumers says a Federal Court decision against ANZ Bank should be seen as a warning to other industries to stop charging unfair fees.
Justice Michelle Gordon found that ANZ had illegally imposed "extravagant, exorbitant and unconscionable" penalties for late payments on credit cards.
It was only a partial victory for consumers undertaking the class action though, as Justice Gordon also supported ANZ in dismissing claims against some other fees, which Justice Gordon concluded were not penalty fees.
But consumer advocate group CHOICE says it's the decision against ANZ's penalty fee structure that should have other businesses, such as those in the telecommunications sector, reviewing their own fees.
CHOICE chief executive Alan Kirkland has told Murray Silby the Federal Court decision is a win for consumers.
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