News: CBA UPDATE 1-Australia's CBA ordered to post notices acknowledging overcharging interest

(Adds response from CBA)

Aug 16 (Reuters) - A court has ordered Commonwealth Bank of Australia (CBA) , the country's biggest lender, to publish notices on its website acknowledging its misconduct related to overcharging interest on some accounts, Australia's corporate watchdog said.

The bank was fined A$7 million ($5.14 million) in April https://www.reuters.com/world/asia-pacific/australias-cba-ordered-pay-5-mln-fine-overcharging-interest-2021-04-07,

after a financial sector inquiry found it had misled customers and overcharged interest by more than A$2.2 million over a three-year period.

The Australian Securities and Investments Commission (ASIC) said on Monday https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-217mr-cba-to-publish-misconduct-notices-for-overcharging-interest the bank had to acknowledge "false or misleading conduct" in a written and audio-visual format within 30 days.

"It sends a strong message that there is significant financial and reputational risk for failing to have the systems in place to prevent overcharging," ASIC Commissioner Sean Hughes said.

The notice will be published on the website before mid-September, a CBA spokesperson said, adding that all 2,269 affected customers have been sent refunds and problems that caused the error have been addressed.

($1 = 1.3617 Australian dollars)