Last night, Joe Longo spoke with ABC about the corporate regulator’s decision to pursue $240 million in fines against the major bank due to alleged misconduct impacting 65,000 customers over several years.

He was discussing the ASIC action on the broadcaster’s 7.30 show when Host Sarah Ferguson asked him if he would bank with ANZ.

”Actually, I do bank with ANZ,” replied Longo.

Ferguson pressed him about switching banks.

“Well, that’s not appropriate for me this evening to talk about my personal banking arrangements,” said Longo.

Ferguson pointed out he’d made the admission, and went on to ask if he felt ANZ had failed him.

Longo said he felt “very let down as a regulator”.

ASIC deputy chair Sarah Court told Today this morning some of the most vulnerable Australians were impacted by ANZ’s misconduct.

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.

“High penalties, if imposed by the court, are meant to send a strong deterrent message to ANZ, as well as other banks considering similar misconduct.”