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March 11, 2019, 4:26 p.m. EDT

Australia : Australia regulator chides banks' delays repaying wrongly charged fees

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Mar 11, 2019 (Euclid Infotech Ltd via COMTEX) -- Australia's corporate watchdog rebuked the biggest banks and financial services firms on Monday for delays in fixing internal systems that resulted in customers paying fees for services they had not received.

The Australian Securities and Investments Commission (ASIC) said it had been supervising the four biggest banks - Commonwealth Bank of Australia, Westpac Banking Corp, Australia and New Zealand Banking Group Ltd and National Australia Bank Ltd - plus investment bank Macquarie Group Ltd and wealth manager AMP Ltd, as they reviewed the systems that led to such fees.

But the regulator said the companies had taken too long to identify systemic failures.

"These reviews have been unreasonably delayed," said ASIC commissioner Danielle Press.

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