Original article by David Ross
The Australian – Page: 15 & 19 : 19-Nov-24

The Australian Securities & Investments Commission has launched legal action against the National Australia Bank, alleging it breached its requirements to fairly deal with customers suffering financial hardship. ASIC claims the NAB failed to respond to at least 345 customers seeking help from it over several years, including people suffering medical emergencies and people fleeing domestic violence. The case against the NAB follows a similar case against Westpac, and ASIC chair Joe Longo noted it was a "sign of the times", with tougher economic conditions resulting in the financial sector having to deal with a rise in hardship cases.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC