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National

Miklos Bolza

CBA unit to pay $20m over excessive fees

CBA CommSec Wendy Abraham

Two stockbroking firms have been ordered to pay penalties of more than $27 million. (Bianca De Marchi/AAP PHOTOS) (AAP)

Significant and systematic failures at two stockbrokers, one owned by CBA, meant customers were overcharged for almost a decade, a judge has found.

In a decision delivered on Tuesday, Justice Wendy Abraham ordered the firms pay a total of $27.12 million in penalties after countless traders were affected by failures at both CommSec and AUSIEX.

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