EconomyMacquarie Bank to pay A$14m penalty over confusing ‘welcome rate’ promotion

Macquarie Bank admitted that its “welcome rate” promotions breached the Corporations Act and is expected to pay a court-imposed A$14m penalty. ASIC said the advertising could lead customers to think the rate was a bonus on top of the standard variable rate, as regulators crack down on complex savings conditions that may leave consumers short-changed.

Macquarie Bankbank regulationsavings ratesAustralia

TThe Guardian★★★☆☆2026-11-11 01:23Original