Published: August 17, 2018
Asic deputy chair expects compensation proceedings against Australia’s banks to start in near future
Australia’s banks could be hit with a $1bn compensation bill over the fees-for-no-service scandal after the corporate regulator said it expected court action to begin soon.
After the latest two-week hearing of the banking royal commission exposed more scandalous treatment of customers, the deputy chair of the Australian Securities and Investments Commission, Peter Kell, said on Friday there was a very high likelihood of proceedings starting in the near future.
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