March 16, 2020 / 5:52 AM / 16 days ago

BRIEF-Australia's ASIC Commences Proceedings Against CBA For Failures Of Agriadvantage Plus Package

March 16 (Reuters) - Commonwealth Bank of Australia :

* AUSTRALIA’S ASIC - COMMENCES PROCEEDINGS AGAINST CBA FOR FAILURES OF AGRIADVANTAGE PLUS PACKAGE

* AUSTRALIA’S ASIC SAYS THE CAUSES OF CBA’S FAILURES INCLUDED THE HIGHLY MANUAL NATURE OF CBA’S SYSTEMS BY WHICH AA+ PACKAGE BENEFITS WERE APPLIED

* AUSTRALIA’S ASIC SAYS THAT A TOTAL OF 8,659 CUSTOMERS WERE HARMED BY CBA’S CONDUCT ON 131,542 OCCASIONS

* AUSTRALIA’S ASIC CONTENDS THAT CBA BENEFITED FROM A TOTAL OF $8.1 MILLION IN INCORRECTLY CHARGED FEES & INTEREST ON LOANS, UNDERPAID INTEREST ON SAVINGS

* AUSTRALIA'S ASIC - WILL BE SEEKING A TOTAL CIVIL PENALTY UP TO $5 MILLION SUBJECT TO THE CONDUCT AS ALLEGED BEING FOUND OR ADMITTED Source text: [ID:here ] Further company coverage:

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