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2.02pm on Mar 1, 2021
CommSec faces ASIC action after overcharging $4.35m
By Clancy Yeates
The Commonwealth Bankâs online stockbroking business CommSec overcharged $4.3 million in brokerage fees, and is facing Federal Court proceedings over the âsystemicâ failings from the corporate watchdog as a result.
The Australian Securities and Investments Commission (ASIC) on Monday said it had launched action against the broker for a series of breaches of the market integrity rules, the Corporations Act and the ASIC Act.
Among the breaches, CommSec is alleged to have overcharged $4.35 in brokerage fees between 2010 and 2020, while also failing to comply with client money reconciliation requirements.