The Commonwealth Bank of Australia (CBA) is to refund AUD 7.6m ($5.5m) to 62,000 customers, after it failed to apply fee waivers and benefits to one of its agribusiness products for a number of years. This error came to light when the bank revealed it to the Australian Securities and Investments Commission (ASIC) in 2014, as part of its reporting obligations in the Corporations Act.
The Commonwealth Bank of Australia (CBA) is to refund AUD 7.6m ($5.5m) to around 8,400 customers, after it failed to apply fee waivers and benefits to one of its agribusiness products for a number of years. This error came to light when the bank revealed it to the Australian Securities and Investments Commission (ASIC) in 2014, as part of its reporting obligations in the Corporations Act.