Big banks found to be ripping off low-income customers | The Business | ABC News [Video]

Almost two weeks after it was labelled a ‘toothless tiger’ and unfit for purpose, Australia’s corporate regulator ASIC has blasted some of the nation’s big banks for ripping off low-income customers.
Following an investigation by ASIC, which found the mostly low-income First Nations customers were placed on high-fee accounts when other alternatives were available, but not communicated by the banks.
Major banks will now refund more than $28 million to low-income First Nations customers who were given high-fee accounts.
This comes after a 20-month Senate inquiry into ASIC, released just under two weeks ago, found the bad culture at the corporate watchdog allowed Australia to become a ‘haven for white collar crime’.
ASIC Commissioner Alan Kirkland wouldn’t be drawn on questions about the timing of the release of ASIC’s investigation into Australia’s big banks, but he says more than 200,000 customers have been helped since the regulator started its investigation.

#ABCBusiness #ASIC #investigation
Subscribe: http://ab.co/1svxLVE

ABC News provides around the clock coverage of news events as they break in Australia and abroad. It’s news when you want it, from Australia’s most trusted news organisation.

For more from ABC News, click here: https://ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1

Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2
Like ABC News on Facebook: http://facebook.com/abcnews.au
Follow ABC News on Instagram: http://instagram.com/abcnews_au
Follow ABC News on X (Twitter): http://twitter.com/abcnews

Note: In most cases, our captions are auto-generated.

#ABCNews #ABCNewsAustralia