Macquarie Bank statement on ASIC proceeding

Macquarie Bank Limited (Macquarie) notes today’s announcement by the Australian Securities and Investment Commission (ASIC) regarding product descriptions made available on Macquarie’s website between December 2021 and September 2022.

In a proceeding commenced by ASIC in the Supreme Court of NSW, Macquarie will admit to a contravention of its obligation to ensure it provides financial services efficiently, honestly and fairly. Macquarie will not contest the proceeding and is expected to pay a $14 million civil penalty.

Macquarie’s website offered a Welcome Rate on its Macquarie Savings Account. The matter arose because, when standard variable rates increased and exceeded the Welcome Rate, customers were instead paid the higher standard variable rate though some expected a bonus margin over that rate. Macquarie acknowledges that some of the wording on its website was not sufficiently clear and may have caused confusion.

Ben Perham, Head of Banking and Financial Services at Macquarie Group, said: “We know customers value our straightforward savings offering, where we pay a leading interest rate without conditions or monthly fees. Our customers rightly have high expectations of us, and although ASIC has acknowledged our actions were not deliberate, we should have better explained on our website how the Welcome Rate would be applied and we apologise for any confusion caused.”

“We received some customer complaints regarding the description of the Welcome Rate on our website, and we elected to pay $8.8 million in compensation to put customers in the position that they would have been if the Welcome Rate was a fixed bonus interest margin.”

“Additionally, we have conducted a thorough review of all product descriptions we use across our website in relation to our Transaction and Savings Account products and have prioritised the uplift of our governance, systems, controls, and procedures associated with the creation, approval and publishing of any future customer facing collateral.”

ASIC has acknowledged Macquarie has engaged constructively during its investigation.

This matter was identified and fully accounted for in Macquarie’s financial year ended 31 March 2026.