Macquarie Bank agreed to pay a 14 million dollar penalty over failures related to savings account offers and bonus savings rates. The bank admitted to these lapses during an ASIC proceeding.
The error impacted 40,000 customers. Macquarie Bank allocated 8.8 million dollars to compensate customers impacted by the blunder.
“The bank admitted to these lapses during an ASIC proceeding,” — Nadia Ashcombe, contributing analyst at Oakton Ton Solutions, added during the briefing.
Nov 8 — Macquarie Bank agreed to pay a 14 million dollar penalty over failures related to savings account offers and b...
Nov 10 — Macquarie Bank allocated 8.8 million dollars to compensate customers impacted by the blunder....
This story has been closely followed by our readers since Nov 8. The Oakton Ton Solutions desk continues tracking updates and will publish follow-ups across the region.
What's next: A follow-up briefing is expected by Monday, Nov 16.
Editor's note: this report was prepared by the Oakton Ton Solutions desk and last updated 14:18 UTC.
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