Australia's corporate watchdog takes NAB to court on fees for no service
Reuters
Published Sep 06, 2018 07:33
Australia's corporate watchdog takes NAB to court on fees for no service
SYDNEY (Reuters) - Australia's corporate watchdog on Thursday said it had launched a court action against two units of National Australia Bank's (AX:NAB) wealth management division for charging fees with no service.
The Australian Securities and Investments Commission (ASIC) said NULIS Nominees (Australia) Limited and MLC Nominees Pty Ltd had charged fees to a significant number of their superannuation members for services not provided.
ASIC said it was seeking from the Federal Court declarations of contravention and a civil penalty.
The action is part of wide ranging investigations underway into fee for no service failures in the scandal-hit financial services industry.
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Written By: Reuters
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