Macquarie Bank to pay $14m penalty after confusing ‘welcome rate’ promotion
Asic says customers should not have to check every transaction to ensure they receive the correct interest Macquarie Bank is set to pay a $14m court-imposed…
Asic says customers should not have to check every transaction to ensure they receive the correct interest Macquarie Bank is set to pay a $14m court-imposed penalty after it admitted to breaking the Corporations Act with its “welcome rate” promotions.
The penalty comes amid a crackdown by Australian Securities and Investments Commission over complex savings conditions that risk short-changing consumers grappling with the cost of living. The Guardian reported the story.
Key details
- Location
- Australia · Oceania
- Reported by
- The Guardian
- First reported
- Key names
- Macquarie Bank, Corporations Act, Australian Securities, Investments Commission
- Section
- Business
Sources
This is an independent summary. Read the full, original reporting from the publisher:
Read the full story at The GuardianSpotted an error? Request a correction · How this summary was produced
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