NAB says it wants a constructive relationship with regulators, as ASIC takes the bank to court for allegedly breaching corporate laws more than 10,000 times in relation to fees-for-no-service.
The National Australia Bank has told investors it takes legal action over the fees-for-no-service scandal seriously, after the corporate regulator took the bank to court for allegedly breaching corporate laws more than 10,000 times.NAB could face several billion dollars in civil penalties if ASIC wins its case alleging more than 10,000 breaches of corporate laws
The Australian Securities and Investments Commission has accused the bank of breaking the ASIC Act and the Corporations Act by charging customers for financial advice they did not receive and allegedly making false or misleading statements in fee disclosure statements from December 2013 to February 2019, when the final report of the banking royal commission was released.The bank collected more than $650 million in fees from customers but did not give them financial advice.
"An example of this is the civil legal action taken this week by ASIC against NAB in relation to alleged breaches concerning ongoing fee arrangements with clients of NAB Financial Planning." Mr Crennan said former chairman, Ken Henry, and former chief executive, Andrew Thorburn, could be called as witnesses if the case went to court.
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