CBA faces court, NAB fined, ANZ and Westpac bosses grilled | The Business | ABC NEWS

It's been a big few days of scrutiny for the major banks, with the corporate regulator ASIC taking action against two lenders - the Commonwealth Bank and Macquarie - in two days.

And, the CEOs of ANZ and Westpac, Nuno Matos and Anthony Miller were forced to defend rising profits amid a cost-of-living crisis at a parliamentary hearing.

ASIC says the action its taken against CBA and Macquarie is about sending a strong signal to the sector to get things right by customers.

The corporate regulator alleges about 42,000 Commonwealth Bank customers were overcharged $8.5 million in misleading fees for moving their money around between November 2000 and May 2025.

ASIC commissioner Alan Kirkland spoke with The Business host Alicia Barry. He says CBA itself should have acted upon these issues much sooner because the evidence was there.

CBA reported the matter to ASIC and has already paid back more than $26 million to 93,000 customers. It says it will defend certain aspects of the case.

It comes after Macquarie Bank admitted failures over savings rates for new customers.

And today, NAB agreed to an enforceable undertaking with the Fair Work Ombudsman to repay almost $170 million to staff it has been underpaying for more than a decade.

ASIC says banks should be on notice because the regulator is "not done."
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