Asic says customers should not have to check every transaction to ensure they receive the correct interestMacquarie 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. Continue reading...
Macquarie Bank to pay $14m penalty after confusing ‘welcome rate’ promotion
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The Guardian - AustraliaBy Jonathan Barrett Business editor
EXECUTIVE SUMMARY
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. Continue reading...
Key Takeaways
- Macquarie Bank to pay $14m penalty after confusing ‘welcome rate’ promotion.
- 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.
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Published originally on The Guardian - Australia
