National Australia Bank Limited

In August 2021, the Federal Court ordered National Australia Bank to pay A$18.5 million over failures involving fee disclosure statements provided to financial-advice customers. The Court found that NAB repeatedly failed to provide timely and accurate fee disclosure statements and failed to maintain adequate systems and procedures. ASIC said inaccurate statements prevented customers from making properly informed decisions about whether to continue paying for ongoing financial-advice services. The Court also found that NAB failed its obligation as an Australian financial services licensee to act efficiently, honestly and fairly. Source: Australian Securities and Investments Commission https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-226mr-nab-to-pay-185-million-penalty-for-fee-disclosure-statement-failures/

In August 2025, the Federal Court ordered National Australia Bank and its subsidiary AFSH Nominees to pay A$15.5 million for failures involving customers experiencing financial hardship. The Court found that between 2018 and 2023, NAB and AFSH failed to respond to 345 hardship applications within the legally required 21-day timeframe. ASIC said affected consumers remained unaware of the outcome of their hardship requests and that the failures could make already difficult circumstances substantially worse. NAB and AFSH admitted the contraventions and were required to publish adverse publicity notices and contact affected customers. Source: Australian Securities and Investments Commission https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-165mr-nab-and-afsh-penalised-155-million-for-failing-customers-facing-financial-hardship/