NAB Ordered to Pay $18.5 Million Over Misleading Fee Disclosure Statements

Summary

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/