Original article by Michael Roddan
The Australian – Page: 13 & 14 : 18-Dec-19
National Australia Bank’s annual general meeting on 18 December will be overshadowed by allegations that it engaged in unconscionable conduct. The Australian Securities & Investments Commission has filed a statement of claim in which it outlines some 8,700 instances in which NAB is alleged to have charged fees for services that were not provided between December 2013 and February 2019. Amongst other things, ASIC also alleges that NAB failed to issue adequate product disclosure statements. NAB has indicated that it has already paid $37.8m in compensation to customers who were affected by the fee-for-no-service scandal.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP