Macquarie Bank penalized 14 million dollars over misleading savings interest promotions

Macquarie Bank is set to pay a 14 million dollar court-imposed penalty after admitting it broke the Corporations Act through its savings rate promotions. The Guardian, The Australian, and the AFR all reported on the fine. [1][2][3]

According to the Guardian, the regulator Australian Securities and Investments Commission brought the action over complex savings conditions. The regulator stated that Macquarie Bank described its savings offer as a welcome variable rate or bonus in 2022 marketing materials, which could lead customers to believe the interest was paid on top of standard rates. The regulator emphasized that consumers should not need to check every transaction to verify they received correct interest. [1]

Macquarie Bank is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the Australian Securities Exchange. It employs more than 20,000 staff members across 34 markets globally. [4]

As FTMQ News reported earlier, Macquarie Bank was also named in a Federal Court of Australia lawsuit filed by a former credit analyst alleging retaliation and victimization following reports of sexual harassment. [5]