HSBC Bank Australia Limited has paid penalties totalling $33,000 after the Australian Competition & Consumer Commission (ACCC) issued it with two infringement notices for alleged contraventions of the Consumer Data Right (CDR) rules.
The infringement notices related to alleged failures by HSBC to disclose complete mortgage interest rate details and accurate credit card balances in response to separate requests for this data made via the CDR.
The ACCC investigated allegations that, from at least 20 February 2023 to 25 April 2023, HSBC failed to accurately disclose its fixed rate home loan interest rates, requested via the CDR. Some of the product data HSBC disclosed for its fixed rate home loan products did not include the corresponding featured interest rates advertised on its website.
The ACCC also investigated allegations that,…
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