Macquarie Admits Misleading Savings Rate Offer Failures as ASIC Seeks A$14m Penalty

Macquarie Bank Limited has admitted failures in how it promoted a Welcome Rate offer to new savings account customers, with the Australian Securities and Investments Commission (ASIC) and the bank jointly proposing a A$14 million penalty in the New South Wales Supreme Court. The proposed penalty is subject to the Court’s approval. Between 1 December 2021 and 9 September 2022, Macquarie described the offer as a “welcome variable rate” or a “bonus”. ASIC alleged the wording could lead customers to think the Welcome Rate was paid on top of the standard variable rate. In practice, it generally applied instead of the standard rate during the four-month promotional period. As interest rates rose in 2022, the gap between the rates could narrow or disappear; if the standard rate became higher, the customer’s rate rose only to match it. Macquarie admitted it failed to take the steps needed to ensure its statements about the offer were clear and unlikely to confuse new customers. It also admitted its advertising framework was not rigorous enough to identify the risk of misunderstanding, internal guidance on how the rate worked was unclear, and customer complaints did not lead to a sufficiently timely correction. The admissions relate to contraventions of sections 912A(1)(a) and 912A(5A) of the Corporations Act 2001. The proposed penalty is additional to A$8.8 million in remediation initiated by Macquarie and already paid to nearly 40,000 customers. ASIC Commissioner Alan Kirkland said banks should have systems and processes that deliver on the promises made to customers, and highlighted clear savings-rate information as important amid cost-of-living pressures. ASIC said the case aligns with its 2026 enforcement priority on pricing practices affecting living costs and its ongoing focus on systemic compliance failures by large financial institutions. The action follows an April 2025 determination by the Australian Financial Complaints Authority.