The boss of the Australian Securities and Investments Commission has made a bombshell admission on national television hours after the watchdog issued a record fine to one of the Big Four banks.

Joe Longo revealed to 7.30 host Sarah Ferguson on Monday night that he's actually a customer with ANZ - the same bank that was fined $240 million for engaging in 'widespread misconduct' affecting almost 65,000 customers.

The bank has admitted to failing to respond to hundreds of notices regarding customer hardship, making false and misleading statements about its savings interest rates, and failing to pay that amount to customers.

ASIC said the bank acted 'unconscionably' while managing a $14 billion bond deal in services with the federal government, as it incorrectly reported bond trading data and overstated volumes by tens of billions of dollars for years.

ANZ also failed to refund fees to thousands of dead customers and did not respond to deceased estates inquiries from loved ones within the required time frame.

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.

7.30 host Sarah Ferguson (pictured) was stunned by the ASIC chair's revelation

ANZ has copped a whopping $240million fine for engaging in 'widespread misconduct'

'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.

Australian Securities and Investments Commission chair Joe Longo actually banks with ANZ

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 misled the government on a bond deal, but it charged fees to dead customers, didn't pay promised interest rates, and it ignored clients who were doing it tough,' she said.

'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.

It's been a tough few days for ANZ in the wake of staff cuts

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.

ABC star Sarah Ferguson left stunned by admission about ANZ bank