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In this episode of The nestegg Podcast, guest host Fergus Halliday checks in with our three experts to talk through the biggest conversations happening around when it comes to the world of superannuation, property, investing and wealth creation.

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Steve Waters, director of Right Property Group, talks to us about how Sydney and Melbourne’s property sectors are faring as the light at the end of the lockdown tunnel begins to come into sight.

Meanwhile, RMIT’s senior lecturer of finance, Dr Angel Zhong, guides us through how investors should approach taking advantage of the economy as reopens. How do you spot a company with strong fundamentals?

Lastly, tax and super guru Timothy Munro tells us why consumers should expect a better tax return than usual in 2021. We also talk through whether the government should lead by example when it comes to paid parental leave and superannuation, and touch on recent suggestions by Australian lawmakers that the super sector is affected by cartel-like behaviour.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Big 4 bank slapped with $18.5m fine for inflicting harm on customers

By Maja Garaca Djurdjevic

August 26 2021
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Big 4 bank slapped with $18.5m fine for inflicting harm on customers

By Maja Garaca Djurdjevic
August 26 2021

NAB has been slapped with an $18.5 million fine for causing harm to customers.

Big 4 bank slapped with $18.5m fine for inflicting harm on customers

By Maja Garaca Djurdjevic

August 26 2021
Share

NAB has been slapped with an $18.5 million fine for causing harm to customers.

The Federal Court has ordered National Australia Bank Ltd (NAB) to pay an $18.5 million penalty for failures relating to misleading fee disclosure statements.

The court also declared that NAB contravened its obligations as an Australian Financial Services Licence holder to act efficiently, honestly and fairly by failing to have procedures and systems in place to provide timely and effective fee disclosure statements.

“NAB’s system failures resulted in significant fee disclosure failures over an extended period. This caused harm to customers as the inaccurate information meant they couldn’t make informed decisions about the financial services they were paying for,” said ASIC deputy chair Sarah Court.

“The penalty of $18.5 million handed down to NAB is a timely reminder to financial services licensees to ensure they meet their obligations to their clients.”

According to the court, NAB breached the law on numerous occasions when it charged fees for personal advice without giving customers compliant fee disclosure statements; failed to provide fee disclosure statements to clients within the time required; and, made false or misleading representations to clients in fee disclosure statements about the amount clients had paid for services.

Moreover, NAB failed to maintain systems and procedures to identify whether services were provided in accordance with client service agreements; its fee disclosure statements were compliant; and it was prohibited from charging service fees.

“Customers need to have confidence in their financial services providers that they will be charged correctly for the services they receive and given accurate and timely information,” said deputy chair Court.

Shortly after ASIC’s notice, NAB responded by issuing a statement of acknowledgment.

NAB group executive, legal and commercial services, Sharon Cook said: “We sincerely apologise to those customers who were impacted by this issue.

“To address this issue, NAB stopped charging ongoing service fees to customers of its former NAB Financial Planning business in 2019. In 2020, we established a remediation program which has to date paid approximately $31 million to more than 15,000 customers in order to make things right,” Ms Cook said.

NAB has also been ordered to pay ASIC’s costs.

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About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

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