Business
CBA fined for providing credit card to gambler – The Australian Financial Review
The bank was fined $150,000 by the Federal Court last week for increasing the credit limit of a gambling addict in 2017, one of the disturbing case studies in the…
Commonwealth Bank of Australia was fined $150,000 by the Federal Court last week, the corporate regulator said on Friday, for increasing the credit limit of a gambling addict in 2017, one of the disturbing case studies in the Hayne royal commission.
The Australian Securities and Investments Commission said the penalty recognised the bank’s failure to take into account that its customer, David Harris, had notified CBA he was a problem gambler before he was provided with a credit card limit increase.
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