Business
ASIC hits Commsec over systemic failures – The Australian Financial Review
Commsec and CBA’s white label provider of trading services, AUSIEX, are alleged to have breached market integrity rules and the Corporations Act, with Commsec also…
In such instances customers were charged $29.95 instead of the preferred rate of $19.95.
Commsec admits it overcharged customers brokerage fees on 120,933 occasions totalling $4.3 million with the conduct ceasing as of February 2020. The customers were in several cohorts with the overcharging going back as far as 2010.
Australias largest retail share trading platform also appeared to have a worrying problem with reconciliation of client trust accounts, self-reporting the issue to ASIC in a series…
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