Macquarie Bank faces a $14 million penalty for deceptive savings promotions, highlighting a regulatory crackdown to protect consumers from complex financial terms.
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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...
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