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ANZ has denied claims of price fixing by the competition regulator in a case that could change the way Australia's banks deal with their brokers.

The Australian Competition and Consumer Commission has initiated proceedings in the Federal Court alleging ANZ breached the Trade Practices Act in its dealings with Queensland-based broker Mortgage Refunds.

Depending on the number of offences the ACCC alleges, the bank could face tens of millions of dollars in fines.