The corporate regulator has begun legal action against HSBC Australia for allegedly failing to respond swiftly to almost 1000 reports of suspicious activity in customers’ bank accounts, resulting in some losing $90,000 or more to scammers.
The Australian Securities and Investments Commission launched the action in the Federal Court on Monday, claiming the Australian subsidiary of the global bank engaged in “widespread and systemic” failures, including taking an average of 145 days to investigate customer referrals of unauthorised account activity.
Loading...
Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
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
