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A ticket clipping update – Which bank?

December 18th, 2013

From this morning’s Fairfax business pages:

An independent expert will investigate Commonwealth Bank’s online broker, CommSec, after the financial regulator found it pooled clients’ money and withdrew funds from client accounts for years without authorisation…

It follows findings by the Australian Securities and Investments Commission that the broker and another CBA subsidiary, Ausiex, was withdrawing client money for daily cash settlements and shifting the bank’s own money into client trust accounts.

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