APRA warns supermarket group Woolworths over 'banking' claim

By Jared Lynch and Steve Cauchi
Updated July 25 2014 - 2:18am, first published 1:15am
Woolworths might offer financial services but it can't call itself a bank.
Woolworths might offer financial services but it can't call itself a bank.

The banking regulator is being urged to take tougher action on big companies that flout the rules on use of the word “bank”, after Woolworths was revealed to have used the term for more than two years without a licence.

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