Citigroup will refund more than A$3 million ($2.2 million) to retail customers i...
FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren
The Australian Securities and Investments Commission said it had concerns the bank’s financial advisers had sold the complex products without complying with regulatory and disclosure obligations required to provide personal financial advice. The bank will also give customers with remaining investments in the products an opportunity to exit “without cost,” the regulator said.
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