AustraliaCan ASIC take action against a bank that charged hidden fees on my financial product?
Yes, ASIC can take enforcement action against a bank for charging hidden fees if it breaches the Corporations Act 2001 (Cth) or the Australian Securities and Investments Commission Act 2001 (Cth).
What the Law Says
ASIC has broad powers to regulate financial services providers, including banks, and can take action where fees are not transparently disclosed or are misleading.
Banks providing financial products in Australia must hold an Australian Financial Services Licence (AFSL) and comply with obligations under the Corporations Act 2001 (Cth). One key obligation is to provide services 'efficiently, honestly and fairly' — a requirement in section 912A(1)(a).
Charging 'hidden fees' — that is, fees not clearly disclosed before or at the time of entering into a financial product — may breach section 1041H of the Corporations Act, which prohibits engaging in conduct that is 'misleading or deceptive or is likely to mislead or deceive' in connection with financial products or services.
ASIC itself is empowered to investigate and enforce these provisions under the Australian Securities and Investments Commission Act 2001 (Cth), including by seeking civil penalties, injunctions, or referring matters for criminal prosecution.
Statutory TextA financial services licensee must provide the financial services covered by the licence efficiently, honestly and fairly.
— Corporations Act 2001 (Cth), s. 912A(1)(a) — General obligations of AFS licensees
Statutory TextA person must not, in connection with a financial product or financial service, engage in conduct that is misleading or deceptive or is likely to mislead or deceive.
— Corporations Act 2001 (Cth), s. 1041H — Misleading or deceptive conduct
What to Do
Gather all documents related to your financial product — including contracts, fee schedules, statements, and correspondence.
Complain directly to the bank’s internal dispute resolution (IDR) team — they must respond within 30 days.
If unresolved, escalate to the Australian Financial Complaints Authority (AFCA) — free and independent.
Report the issue to ASIC via its online form or by calling 1300 300 630 — ASIC may investigate if systemic or serious.
Consider seeking legal advice if you’ve suffered significant loss or suspect fraud.
Sources
Not legal advice. This article is general information based on publicly available sources, written for educational purposes. Laws change and individual situations vary. Consult a licensed attorney in your jurisdiction before acting on anything you read here. Last reviewed: 2026-06-08.