Macquarie and ASIC propose $14 million penalty over confusing savings rate

Macquarie Bank and ASIC have jointly proposed a A$14 million civil penalty over a savings-account promotion that confused some new customers. The resolution remains subject to NSW Supreme Court approval, including whether the proposed orders are appropriate and whether any other orders should be made. The bank says it will not contest the proceeding and admits a failure to provide financial services efficiently, honestly and fairly.

Between 1 December 2021 and 9 September 2022, the bank called its savings offer a 'welcome variable rate' and a 'bonus'. ASIC alleged that wording could suggest a bonus added to the standard variable rate. In practice, the promotional rate generally acted as a fixed rate replacing the standard rate for four months, rather than an additional margin.

As rates rose in 2022, the gap between the welcome rate and the standard rate narrowed or disappeared. Where the standard rate exceeded the welcome rate, customers received the higher standard rate, although some expected a bonus margin on top. The dispute concerns the clarity of the promise, not a claim that the bank continued paying the lower promotional rate in those circumstances.

Macquarie has already paid A$8.8 million in remediation to nearly 40,000 customers. Banking and financial services head Ben Perham said the voluntary payments were designed to put customers in the position they would have occupied if the welcome rate had been a fixed bonus margin. That compensation is separate from the proposed penalty.

The bank admitted that its advertising framework was not rigorous enough to identify the risk of misunderstanding. ASIC said internal guidance did not clearly explain how the product worked and complaints did not trigger a sufficiently timely correction. Macquarie acknowledged that some website wording was unclear and could have caused confusion.

ASIC commissioner Alan Kirkland said customers should not need to scrutinise every transaction to ensure the right interest or charges. He said this involved weaknesses in systems and controls, not merely unclear words, and that people facing living-cost pressure deserved clear information about promised financial benefits.

Perham apologised for the confusion and said the bank should have explained the offer better. He said ASIC had acknowledged the conduct was not deliberate. The bank reported a review of all transaction- and savings-account product descriptions on its website and improvements to governance, systems, controls and procedures for creating, approving and publishing customer material.

Macquarie said the matter had been identified and fully accounted for in its financial year ended 31 March 2026. The 11 Novemberreport described a proposed resolution, not a final penalty already imposed by the court.

Illustrative piggy bank and assorted coins, not a Macquarie account, Australian currency display or customer funds.