September 3, 2019 / 11:34 PM / a month ago

Australian watchdog takes Bank of Queensland to court over contract terms

Sept 4 (Reuters) - Bank of Queensland on Wednesday said the corporate regulator has started proceedings against it in the Federal Court of Australia for unfair terms related to certain small-business contracts.

BoQ said the Australian Securities and Investments Commission (ASIC) took the action, alleging lack of fairness in contracts entered between November 2016 and June 2019.

The bank said it had started a review of all small-business lending contracts since November 2016 and would compensate any wronged customers.

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Stephen Coates

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