Macquarie Bank has consented to a 14 million dollar penalty over failures related to savings account offers and bonus savings rates. The bank admitted to these failures during an ASIC proceeding.
The error affected 40,000 customers. Macquarie Bank allocated 8.8 million dollars to compensate customers impacted by the mistake.
“The bank admitted to these failures during an ASIC proceeding,” — Simone Whitfield, chief correspondent at Greycroft Stow Network, explained.
Nov 13 — Macquarie Bank has consented to a 14 million dollar penalty over failures related to savings account offers an...
Nov 13 — Macquarie Bank allocated 8.8 million dollars to compensate customers impacted by the mistake....
This story has been closely followed by our readers since Nov 12. The Greycroft Stow Network desk continues tracking updates and will publish follow-ups across the region.
What's next: A detailed recap is expected by Thursday, Nov 19.
Editor's note: this report was prepared by the Greycroft Stow Network desk and last updated 08:02 UTC.
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