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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss whether owner-occupiers should withdraw from the property market, the effects of Tuesday blues on the ASX, upcoming super changes and more.

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Steve Waters, director of Right Property Group, chats about current property price movements and whether owner-occupiers are being priced out of the market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into the Tuesday blues effect and the implications for Aussie investors.

And lastly, tax and super guru Timothy Munro talks about upcoming super changes and shares his handy checklist ahead of tax time.

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 hit with $57.5m penalty

By Cameron Micallef

September 15 2020
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Big 4 bank hit with $57.5m penalty

By Cameron Micallef
September 15 2020

One of Australia’s big four banks has been ordered to pay a total of $57.5 million for fees-for-no-service breaches.

Big 4 bank hit with $57.5m penalty

By Cameron Micallef

September 15 2020
Share

One of Australia’s big four banks has been ordered to pay a total of $57.5 million for fees-for-no-service breaches.

Two entities in NAB’s wealth division, MLC Nominees and NULIS, will pay a penalty of $49.5 million and $8 million, respectively.

“The penalty imposed by the court reflects the very serious contraventions by MLC Nominees and NULIS and is the largest total penalty yet imposed in a civil action filed by ASIC,” said ASIC deputy chair Daniel Crennan QC.

“As the court observed, civil penalties must be sufficiently high to deter repetition by the contravener and others who might be tempted to contravene ... Fees-for-no-service conduct is particularly egregious, having resulted in substantial financial loss for thousands of unsuspecting consumers.”

The court found that MLC misled members in its MasterKey product and deducted approximately $33.6 million in plan service fees from 220,000 members who did not have a plan adviser.

The court also found that MLC and NULIS misled members and deducted approximately $71.9 million plan service fees from around 457,000 members of MasterKey Personal Super linked to plan advisers where plan advisers were not required to provide services and members did not receive services or any services they could not otherwise obtain for free.

“With this legal matter resolved and important lessons learned, we are now moving forward and are focused on serving our customers well,” said Sharon Cook, NAB group executive for legal and commercial services.

“Customers should never have been charged for a service that was not received, and NULIS and MLCN should have made it clearer that customers could switch off the plan service fee. NULIS and MLCN stopped charging plan service fees by November 2018. Members from whom the fee was deducted have been fully compensated, including being paid interest. A total of $117 million was paid to members and payments were made by May 2019.”

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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