Regulatory Alerts2025-07-29
ASIC Report 811: Banks to refund over $93 million to low-income customers
The Australian Securities and Investments Commission released Report 811, mandating that 21 banks refund over $93 million to more than 920,000 low-income customers affected by excessive transaction fees. The review found that banks failed to adequately identify vulnerable consumers, resulting in millions of Australians being trapped in high-fee accounts despite relying on government payments. In response, institutions have committed to refunding past charges, moving over one million customers to lower-cost accounts, and improving processes to proactively serve First Nations and financially disadvantaged clients.
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