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HSBC Bank Australia has paid a total of $33,000 for two penalties dished out by the Australian Competition & Consumer Commission after it launched multiple investigations into the bank.
said. The CDR is a program which works in various sectors, including banking and energy, that allows consumers to share their personal information between service providers. It also allows consumers to shop around for cheaper and updated products, and to access better value services. For this government-designed initiative to work, correct and up-to-date information must also be consistently shared by companies to the CDR.
alleges HSBC did not do, on two separate occasions. From February to April 2023, fixed rate home loan interest rates requested of HSBC through the CDR were allegedly not provided accurately. “Some of the product data HSBC disclosed for its fixed rate home loan products did not include the corresponding featured interest rates advertised on its website,”
said. commissioner Peter Crone explained how this alleged breach could have impacted consumers. “If accurate home loan rates are not provided, product data users, such as comparator sites and brokers, are unable to present accurate comparisons of home loan products to consumers,” Crone said. “This has the potential to lead to consumers making decisions based on incorrect information about home loan interest rates on offer.
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