World first reported 2h ago by The Guardian World · updated 1h ago

Macquarie Bank to pay $14m penalty after confusing ‘welcome rate’ promotion

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The Guardian World FIRST 2h ago 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 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...