Australia's corporate watchdog rebuked the country's biggest banks and...
SYDNEY - Australia’s corporate watchdog rebuked the country’s biggest banks and financial services firms on Monday for delays fixing internal systems that resulted in customers paying fees for services they had not received.
The Australian Securities and Investments Commission said it had been supervising the four biggest banks - Commonwealth Bank of Australia, Westpac Banking Corp, Australia and New Zealand Banking Group Ltd and National Australia Bank Ltd - plus investment bank Macquarie Group Ltd and wealth manager AMP Ltd, as they reviewed the systems which led to wrongful fee charging.“These reviews have been unreasonably delayed,” said ASIC commissioner Danielle Press.
The four retail banks and AMP had paid or offered a total of about A$350 million in compensation for wrongfully charged fees by January 2019, and allowed for further payments totally another A$800 million, ASIC said, but noted that those amounts were incomplete. The regulator said it was also planning enforcement action against an unspecified number of entities for taking customer fees for services not rendered.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Google rejects Australian regulator's call for scrutiny, denies market powerAlphabet Inc's Google has rejected calls by Australia's competition re...
Lire la suite »
Facebook rejects Australian regulator's push for scrutiny of news feedsFacebook Inc has rejected an Australian regulator's recommendation for grea...
Lire la suite »
Wall Street bonuses reportedly being targeted again by bank regulatorsBanks faced a backlash over pay after the crisis because some traders and executives reaped millions of dollars for taking risks that later blew up.
Lire la suite »
Paul Manafort sentence on bank and tax fraud charges coming ThursdayThe former Trump campaign chairman is set to be sentenced for tax and bank fraud.
Lire la suite »
Some advertisers are quitting Facebook, chiding the company's 'despicable business model'Some businesses told CNBC they decided to stop advertising with Facebook and Instagram due to the company's user data and privacy scandals.
Lire la suite »
China central bank pledges more policy support as bank lending slidesChina's central bank on Sunday pledged to further support the slowing econo...
Lire la suite »
Euro zone banks jump, Italian yields fall on report ECB discussing new cheap bank loansEuro zone bank shares jumped and Italian government bond yields fell on Wednesday after Bloomberg reported the European Central Bank is holding discussions on the design of new ultra-cheap bank loans.
Lire la suite »
Trump Organization's insurance records subpoenaed by NY financial regulator as investigations widenTrump Organization insurance provider subpoenaed by New York Department of Financial Services, adding new investigation to the probes focused on Trump
Lire la suite »
Regulators Target Energy-Efficient Home Improvements LoansFederal regulators are preparing to clamp down on a popular loan program used to finance solar panels and other energy-saving home improvements.
Lire la suite »