The corporate regulator alleges the country’s biggest bank overcharged 42,000 business customers in fees and failed to disclose some.
The corporate regulator has sued Commonwealth Bank in the Federal Court, alleging tens of thousands of its business customers were overcharged millions of dollars in fees.
The case alleges around 42,000 business customers on a CBA online banking platform known as CommBiz were overcharged approximately $8.5 million in fees between November 2020 and May 2025.
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It's not for lack of trying, but ASIC is furious with the private credit sector's seeming indifference toward to the regulator's attempt to crack down on poor lending practices.
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The speech comes after calls for the UK government to issue a formal apology for Britain's historic role in the trade.
