The Federal Court of Australia has
fined Macquarie Bank A$10 million for its lack of
controls to detect and prevent unauthorised fee transactions
carried out by third parties on customer accounts,.
NBCC plans to set up its own non-banking finance company (NBFC) later this year to lower its borrowing costs for key infrastructure projects, sources said
The bank allowed customers to give third parties, such as financial advisers and stockbrokers, different levels of transaction authority, including to withdraw fees, the Australian Securities and Investments Commission (ASIC) said in a statement. Macquarie Bank provided a bulk transacting tool to third parties to make multiple withdrawals across several customer accounts simultaneously.
Man Group shares fell about 5% on Friday after the British hedge fund reported higher than expected client outflows. Client outflows amounted to a net $1.6 billion, although that.