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CBA hit with $5M penalty for overcharging customers
ASIC 2020-06-05 4:05 pm By Cat Fredenburgh Melbourne

A judge has approved a $5 million penalty against the Commonwealth Bank of Australia for overcharging customers $8 million in fees and interest on its agricultural products, despite previously expressing concerns that the penalty was “on the light side”.

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ASIC’s proposed $5M penalty against CBA ‘on the light side’, judge says
ASIC 2020-06-04 12:33 pm By Miklos Bolza Sydney

A judge has questioned ASIC’s proposed $5 million penalty against the Commonwealth Bank of Australia, saying it was “on the light side” for the bank’s conduct in overcharging $8 million in fees on its agricultural products.

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