The Australian Securities and Investment Commission (ASIC) has come up with the decision to sue National Australia Bank Limited (NAB) companies. ASIC’s federal court action is triggered against two of the NAB’ wealth management entities, NULIS Nominees Australia and MLC Nominees for charging superannuation fees for services not provided.
According to ASIC, NAB has wrongly charged $100 million of fees from hundreds of thousands of fund members without rendering any financial services or services that they should have given for free anyway.
ASIC alleged NULIS and MLC nominees for deducting approximately $33 million of plan service fees from 220,000 no-adviser member while misleading MLC MasterKey customers. It also accused NAB for charging $67 million from 300,000 members of the MLC MasterKey Personal Super product where members did not receive any services.
ASIC claimed that NAB’s trustees breached the Corporation Act by making false or misleading representations to No-Adviser Members. It also claimed that these financial institutions have failed to comply with financial services law. Alongside these investigations ASIC has currently estimated the considerable remediation to exceed $850 million.
The corporate watchdog ASIC seeks Federal Court declarations in respect of contraventions made by leading Australian bank NAB. It also seeks for civil penalty in the wake of ongoing investigations been undertaken in financial service industry over fee for no service failures.
The watchdog is set to pull off underway financial law contraventions and service failures by other giant financial institutions.
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