Macquarie Bank faces $14 million penalty over unclear savings rate descriptions
Macquarie Bank expects to pay a $14 million civil penalty in an ASIC case after admitting its savings rate descriptions breached its obligations. It has paid customers $8.8 million in compensation.
1. Penalty and compensation
Macquarie Bank expects to pay a $14 million civil penalty in proceedings brought by ASIC in the Supreme Court of NSW. The bank will not contest the case and admits it breached its obligation to provide financial services efficiently, honestly and fairly. Website descriptions between December 2021 and September 2022 confused customers about whether the Macquarie Savings Account Welcome Rate included a bonus margin. Customers received $8.8 million in compensation to put them in the position of receiving a fixed bonus interest margin; the matter was fully accounted for in the financial year ended March 31, 2026.
