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

AI Summary

Macquarie Bank is set to pay a court-imposed A$14 million penalty after admitting breaches tied to its savings-account “welcome rate” promotions. Australia’s financial regulator said customers should not have to monitor transactions to ensure they receive the advertised interest.

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...