ASB agrees to an independent review of its processes over rural swaps

Sun, 21 Jun 2015

By Paul McBeth June 22 (BusinessDesk) - ASB Bank, the local subsidiary of Commonwealth Bank of Australia, has agreed to an independent review into the way it sold rural interest rate swaps, and will adopt any recommendations if it's found to have fallen short. The Auckland-based lender reached a settlement with the Financial Markets Authority to call in a third party to review the sale, promotion and marketing of the swaps to some customers, though doesn't accept it did anything wrong in its sale of the instruments. In December, ASB c...

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