NAB and Subsidiary Penalised $15.5 Million for Failing Customers in Financial Hardship

Summary

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/