The Australian Securities and Investment Commission says charges of false and misleading behaviour have been filed against ME Bank in the Federal Court following an investigation.
The Banking Code of Compliance Committee has also sanctioned ME Bank for serious and systemic breaches of the Banking Code, including poor and ineffective communication to customers regarding changes to their redraw amounts.
The Bank of Queensland is in the process of a $1.3billion takeover of ME Bank earlier this year, hoping to broaden its customer base .