00:01The corporate regulator ASIC is alleging that CBA misled about 42,000 of its customers,
00:12many of them small businesses.
00:14It says that it basically failed to, it was misleading because it failed to accurately
00:20disclose the terms and conditions to its ComBiz customers on fees being charged.
00:27And has CBA paid its customers back?
00:30CBA has announced a remediation program and paid millions of dollars back, but ASIC is
00:38still saying it should have known better, that customers themselves have complained
00:42about this and that it wants CBA to treat its customers better, particularly small businesses
00:50that are doing it tough.
00:51And this is the second action in a matter of days?
00:55That's right.
00:56It's important to also just state that CBA will be defending aspects of the legal action.
01:02It says that, you know, when it goes to court, this is the second case just in a matter of
01:08days where the corporate watchdog has announced action against a major bank.
01:14Yesterday, they announced action against Macquarie over saving rates.
01:19They were offering their customers saying that the rates being offered weren't the rates that
01:24customers were getting.
01:26So, you know, before years end, the corporate watchdog is going quite hard against the major
01:31banks.
