Wednesday, 07 Apr 2021 03:29 PM MYT
CBA was found to have misled customers and overcharged interest by more than A$2.2 million over a three-year period by the federal court in February. “CBA’s delay in remediating customers following this error was an aggravating factor in the Court’s determination of the penalty,” ASIC Commissioner Sean Hughes said.
Financial firms in Australia have faced numerous class actions and penalties over the past two years after a Royal Commission inquiry into the sector found widespread misconduct, including charging fees to dead people.
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