Macquarie Bank to pay $14m penalty after confusing ‘welcome rate’ promotion
by Jonathan Barrett Business editor from World news | The Guardian on (#79NX2)
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.
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