ACCC appeals ANZ price-fixing decision
ANZ and the Australian Competition and Consumer Commission will go another round over allegations the banking group was involved in a price-fixing arrangement with a broker, a claim that was dismissed by the Federal Court last month.The ACCC, which is to appeal the ruling, had claimed ANZ breached the price fixing provisions of the Competition and Consumer Act when it made an agreement with Mortgage Refunds to limit the refund offered to customers with ANZ loans to just $600. The alleged intention of this agreement was to allow ANZ branches to match the refund deal.The ACCC's case was based on a view that ANZ and Mortgage Refunds were competitors, but the court rejected this argument. It said ANZ did not participate in the market for the provision of loan arrangement services in which Mortgage Refunds operated.Yesterday, the ACCC issued a statement confirming it had launched an appeal but did not provide details of its grounds for appeal.