Commonwealth Bank has been accused of "at worst" abusing its market power after warning customers using fintech wealth products their money is at risk because of security concerns.
The financial technology industry says the alerts are misleading and damage the government's plans to increase competition in the banking sector through open banking.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
