Macquarie fined over marketing failure as new CEO arrives

· Politics · Australia

Macquarie Group agreed to pay a small fine after admitting to failures in the way it promoted a savings account offer in its Australian retail bank, the division led at the time by now chief executive Greg Ward, according to Bloomberg. The penalty adds to regulatory scrutiny of Australian banks' marketing and conduct. Macquarie is one of Australia's largest financial groups.

Why it matters：The case shows regulators intensifying scrutiny of how banks market products to consumers, a trend across developed markets.

Key points

  • Macquarie admitted failures in promoting a savings account.
  • It agreed to pay a small fine.
  • Current CEO Greg Ward led the division at the time.

Sources (original reporting)

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