ASIC slams banks over fees for no service

Pedro Gonçalves
clock • 2 min read

Australia's corporate regulator has slammed the big four banks, Macquarie and AMP for "unreasonably delayed" and in some cases "legalistic" fees for no service reviews as customers are still waiting to be repaid after being ripped off in a A$1.5bn scandal. The Australian Securities and Investments Commission said the big four banks, Macquarie and AMP were yet to complete further reviews of systemic failures that led to the fees for no service scandal - despite being advised to do so as early as mid-2015 - and were using overly legalistic tactics to delay the process. "These reviews ha...

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