Australian Securities & Investments Commission, or ASIC, commenced court action against National Australia Bank Ltd. for charging fees for no service from December 2013 to February 2019.
ASIC also alleged the bank for failing to issue or issuing defective fee disclosure statements during the same period, and did not cease charging fees to its affected customers until Feb. 4, according to a Dec. 17 release. The bank failed to establish and maintain compliance systems and processes to detect and prevent such failures, the regulator added.
National Australia Bank said in a same-day release that they will carefully assess the allegations and are working with ASIC to deal with the case.
The bank added that it has already acknowledged their fees for no service charges and paid A$37.8 million to 27,500 NAB Financial Planning clients. The bank's remediation plan started in December 2018 and is expected to be completed by June 2020.