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Will ASIC impose additional fines on the four Australian banks by December 31, 2024?
3
Resolution / Starting Odds
Yes • 50%
No • 50%
Official announcements from the Australian Securities and Investments Commission (ASIC)
Story
ASIC: Four Australian Banks to Return $19 Million in High Fees to Low-Income Customers
Jul 15, 2024, 01:14 AM
Four Australian banks, including ANZ, Bendigo and Adelaide Bank, Commonwealth Bank of Australia (CBA), and Westpac, will return A$28 million ($19 million) to low-income customers. This decision follows a review by the Australian Securities and Investments Commission (ASIC) which found that these banks had been systemically charging high fees to at least two million low-income earners, including many pensioners.
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No penalties • 25%
Fines only • 25%
Fines and operational restrictions • 25%
Fines and executive changes • 25%
Introduce new regulations • 25%
Issue further penalties • 25%
Conduct more investigations • 25%
No further action • 25%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
