Via Banking Day:
The Australian Competition and Consumer Commission has called out the big banks for gouging an extra $1.1 billion a year from thousands of interest-only borrowers, but has baulked at recommending action to fix the problem.
The four major banks controversially repriced their interest-only back books by an average of 32 basis points in June 2017 and claimed they were forced to do it by a restrictive lending policy imposed on them by the Australian Prudential Regulation Authority.