Home / Business and Economy / Macquarie Group Fined for Savings Account Promotion Failures
Macquarie Group Fined for Savings Account Promotion Failures
11 Nov
Summary
- Macquarie Group agreed to a penalty for promoting a savings account offer.
- The fine relates to failures in its Australian retail bank division.
- The penalty amounts to A$14 million, adding to a previous fine.
Macquarie Group Ltd. has been fined A$14 million after admitting to failures in how it promoted a savings account offer through its Australian retail bank division. This division was reportedly led by Greg Ward, who is now the chief executive of the company.
The A$14 million penalty is in addition to a previous A$8.8 million fine. This brings the total financial penalty for the institution to A$22.8 million. The admissions and subsequent fine highlight regulatory scrutiny over promotional practices within Australia's financial sector.
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