The head of the Australian Securities and Investments Commission made a startling disclosure on national television just after the regulator levied an unprecedented fine against one of the Big Four banks.

Joe Longo confessed to 7.30 host Sarah Ferguson that he is a customer of ANZ, the bank penalized $240 million due to ‘widespread misconduct’ impacting nearly 65,000 clients.

The bank acknowledged failing to address numerous customer hardship notifications, providing incorrect and misleading information about savings interest rates, and neglecting to disburse those funds to customers.

ASIC declared that the bank’s actions were ‘unconscionable’ in handling a $14 billion bond service deal with the federal government, incorrectly reporting bond trading information and exaggerating volumes by tens of billions over several years.

ANZ was also guilty of not refunding fees to numerous accounts of deceased clients and did not respond promptly to inquiries from deceased estates’ loved ones.

The misconduct occurred ‘over many years’, which Mr Longo described as an institutional and organisational failure.

‘The ultimate finding of unconscionable conduct was a view taken collectively of the conduct of a whole range of people,’ he told the ABC host.

Ferguson asked if he would bank with the embattled financial institution.

‘Actually, I do bank with ANZ,’ Mr Longo said with a laugh.

A shocked Ferguson asked if he was planning to take his banking elsewhere.

‘Well, that’s not appropriate for me this evening to talk about my personal banking arrangements,’ the ASIC boss replied.

Ferguson hit back: ‘Well, I think you just did!’

She asked again if he had enough confidence to maintain his accounts with ANZ.

‘They behaved grubbily in the discharge of their obligations as a duration manager for a very large bond offering,’ Mr Longo said.

He was then asked if he felt betrayed by the bank as a customer.

‘I feel very let down as a regulator,’ he said.

Mr Longo added that customers had a right to feel disappointed that ANZ couldn’t manage its non-financial risk better.

He wasn’t the only one to call out the bank on its misconduct on Monday night.

A Current Affair host Ally Langdon also blasted ANZ on its ‘rap sheet’.

‘It deceived the government on a bond deal, charged fees to deceased clients, failed to pay agreed interest rates, and overlooked clients in distress,’ she mentioned.

‘I mean, we had a royal commission where we heard story after story of things like this happening. I thought the whole point of that was to stamp this out.

‘This is the 11th breach by ANZ in a decade. What would it actually take … for banks to do the right thing?.’

The penalties are the largest announced by ASIC against one entity.

ANZ has admitted to the allegations and its chief executive officer Nuno Matos says he is committed to change.

‘The failings outlined are simply not good enough and they reinforce the case for change,’ he said.

Each matter will be separately considered and determined by the Federal Court.

The penalties will put more pressure on the bank’s CEO, who came under fire on Tuesday after announcing ANZ would lay off 3500 staff and 1000 contractors by September 2026.