The Australian Securities & Investments Commission, or ASIC, began court proceedings against two superannuation trustees of National Australia Bank Ltd.'s wealth management division for charging fees without performing a service.
The regulator alleged NULIS Nominees (Australia) Ltd. and MLC Nominees Pty. Ltd. misled members of MLC MasterKey Super superannuation product, according to a Sept. 6 release. It also alleged the entities deducted around A$33 million in service fees from 220,000 MLC MasterKey Business and MLC MasterKey Personal Super members who did not have a plan adviser.
The watchdog also claimed National Australia Bank deducted about A$67 million in service fees from 300,000 members of the MLC MasterKey Personal Super product, where plan advisers were not required to provide service.
ASIC is seeking declarations of contravention and a civil penalty from the federal court.
The lawsuits are part of its wide-ranging investigations into what it terms fee for no service failures in the financial services sector.