Macquarie Bank fined $14m for misleading welcome rate promotions

Macquarie Bank admitted to breaching the Corporations Act over confusing 'welcome rate' savings promotions, resulting in a $14m court-imposed penalty. The case is part of an ASIC crackdown on complex savings conditions that may short-change consumers amid cost-of-living pressures. The penalty is notable as it signals regulatory escalation against retail banking practices in Australia.

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