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The Commonwealth Bank of Australia (CBA) has come under scrutiny after reportedly failing to notify regulators before moving over one million customers to new bank accounts, a decision that led to additional fees for cash access through branches.
The changes involved transitioning customers from Complete Access Accounts to Smart Access Accounts, according to a report by The Australian. It was announced in early December.
However, Freedom of Information requests revealed that neither the Australian Securities and Investments Commission (ASIC) nor the Australian Prudential Regulation Authority (APRA) were formally notified by CBA about the account changes in 2024. The report has raised concerns about the bank's communication with regulators and its handling of legacy accounts.
In an emailed statement to Reuters, a CBA spokesperson said the bank “is in frequent dialogue with our regulators on a wide range of issues."
When contacted, ASIC stated that it holds regular meetings with banks as part of its supervisory role but declined to comment further on the matter. APRA also declined to provide a statement regarding the report.
