Highlights

  • Macquarie Bank admitted failings over the wording of its introductory Savings Account rate.
  • ASIC and the bank jointly proposed an AUD 14 million civil penalty, subject to court approval.
  • Macquarie paid AUD 8.8 million in compensation to affected savings customers.
  • Macquarie Group reported AUD 2.478 billion in HY27 net profit, up 50% year on year.

Macquarie Group Limited (ASX:MQG) is an Australian financial services group active in asset management, banking, commodities and global markets, and Capital advisory services. Its banking subsidiary, Macquarie Bank Limited, is addressing a regulatory proceeding concerning how an introductory Savings Account rate was presented to customers. The case emerged alongside Macquarie Group’s November 2026 half-year results, bringing communication controls into focus.

Welcome Rate Wording and the Proposed Penalty

On 11 November 2026, the Australian Securities and Investments Commission (ASIC) announced that Macquarie Bank had admitted breaches of the Corporations Act 2001 relating to descriptions of its Welcome Rate. The regulator and the bank jointly proposed an AUD 14 million civil penalty in proceedings before the Supreme Court of New South Wales. The amount remains subject to judicial approval; it should not be treated as a penalty already ordered by the court.

Advertising called the offer a welcome variable rate or bonus, potentially implying interest paid above the standard rate. Instead, the Welcome Rate generally replaced the standard rate during four introductory months. If the standard rate rose higher, customers received that standard rate without an additional bonus.

The Advertising conduct occurred between December 2021 and September 2022. Macquarie Group (ASX:MQG) is addressing that historical matter.

Customer Remediation and Control Changes

Macquarie Bank paid AUD 8.8 million to nearly 40,000 customers, compensating them as though the offer had been a fixed Bonus interest margin.

ASIC said advertising controls failed to identify confusion risks, internal guidance was unclear and complaints did not prompt timely corrections. Macquarie apologised for the unclear explanation.

Macquarie Group (ASX:MQG) said it had reviewed product descriptions for transaction and savings accounts and prioritised improvements to governance, systems and procedures for approving customer-facing material. It also stated that the matter was fully accounted for in the financial year ended 31 March 2026.

HY27 Earnings and Banking Conditions

On 6 November 2026, Macquarie Group (ASX:MQG) reported net profit attributable to ordinary shareholders of AUD 2.478 billion for the six months ended 30 September 2026, up 50% from the corresponding previous period. Net Operating Income reached AUD 9.568 billion, an increase of 10%, while operating expenses rose 1% to AUD 6.317 billion.

The Banking and Financial Services division contributed AUD 841 million in profit, compared with AUD 793 million a year earlier. Macquarie attributed the improvement to growth in loans and deposits, partly offset by lower margins, higher Credit provisions and expenses. Total group deposits were AUD 244.2 billion at 30 September 2026, up 10% from 31 March 2026.

Macquarie Group (ASX:MQG) reported a Bank Group Common Equity Tier 1 ratio of 12.9%, above regulatory requirements.

Court Decision and Regulatory Priorities

The NSW Supreme Court must decide whether the jointly proposed penalty and any other orders are appropriate. The matter is not yet finalised.

ASIC has prioritised pricing practices affecting living costs and systemic compliance failures in 2026. For Macquarie Group (ASX:MQG), deposit-product disclosure controls remain relevant while the case awaits resolution.

Key Insights

Macquarie Group (ASX:MQG) has addressed customer remediation, but the proposed AUD 14 million penalty awaits court approval. HY27 earnings and deposit growth provide financial context while banking margins and disclosure controls remain relevant.