ASIC sues NAB over fees for no service

Stock image.
Stock image.

FINANCIAL regulator ASIC has sued National Australia Bank in Federal Court over the fees-for-no-service scandal.

The regulator is alleging thousands of violations of securities and corporate law.

ASIC said the bank charged financial planning fees from December 2013 to February 2019 on a large number of customers without providing them with any services.

It also said the practice continued even after it was alerted to the matter in May 2018.

The maximum penalty for the alleged misconduct ranges from $250,000 to $2.1 million per violation of the law, the Australian Securities and Investment Commission (ASIC) said.